Pinnacle launched its turnaround strategy last year, and says that its drive to lay the foundations for future growth is now showing early signs of progress.
The figures show revenues of £8.4million for the 12 month period, with recurring revenues remaining high at 88 per cent, representing the strength of the client proposition and providing a strong base for the company.
While overall losses were £1.8million they marked a significant improvement on the £2.7million loss reported in 2013.
A new management team – led by CEO Nicholas Scallan – was appointed in March 2014 to turn around the business, and whilst time and efforts are still required, it remains confident of its progress towards positive cash generation.
Commenting on the results, Chairman James Dodd said “The year ending 30th September 2014 was one in which we made great progress towards solving the many problems that have beset Pinnacle Technology in recent years.
“The robust actions taken by the Board, including the appointment of a new Chief Executive Officer on the 26th March 2014, are reducing losses and supporting the recovery of the business.
“Whilst the Board has recognised from the outset that turning around Pinnacle Technology will take time, as demonstrated by these results, the Board continues to work to stabilise revenues in the business and to position the company to becoming EBITDA positive.
“Throughout the year the business has been addressing loss making lines of business, reducing costs, and management attention is now increasingly focused on profitable revenue growth.
“Although further time and efforts are still required to restructure the Group into the appropriate form for its operations, the opportunities available to Pinnacle Technology and the early signs of progress underpin the Board’s confidence in the future prospects of the Company.”
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