Pulsar Group PLC on Monday reported a narrowed loss in what it called challenging half-year and provided an optimistic outlook.

Pulsar is a London-based software-as-a-service provider for the marketing and communications industries.

Its pretax loss narrowed to £4.5 million in the six months ended May 31 from £6.1 million a year prior. Adjusted earnings before interest, tax, depreciation and amortisation improved 54% to £3.1 million from £2.0 million.

Revenue edged down 1.5% to £30.8 million from £31.3 million, but recurring administrative costs decreased 11% to £19.0 million from £21.4 million. Cost of sales came in 10% higher at £8.7 million from £7.9 million.

Pulsar said the recent period was challenging but presented a significant opportunity for brands to differentiate themselves.

Chair Christopher Satterthwaite said: ‘The board is pleased with the progress made during the first half of the year, including enhancements to the group’s product offerings and a significant acceleration in [annual recurring revenue] growth alongside improved adjusted Ebitda margins, despite the ongoing challenges of a difficult macro-economic environment.’

ARR increased by 2.6% at constant currency to £62.6 million in May from £60.4 million in November.

Looking ahead, Satterthwaite said the board is confident in its outlook for the second half of the year and beyond.

Pulsar shares were 3.2% lower at 83.25 pence each on Monday morning in London.

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