Imaginatik Posts Narrower FY09 Pretax Loss; Sees Strong FY10

Software developer Imaginatik PLC (IMTK.LN) Wednesday posted a narrower fiscal 2009 pretax loss due to growing sales and said it is confident of a strong performance in the current fiscal year.

For fiscal 2009, ended March 31, the firm posted a pretax loss on ordinary activities of GBP102,000, from just under GBP140,000 in fiscal 2008.

It said this was affected by a GBP233,000 charge for rebasing its employees' share options.

The firm swung to a maiden operating profit, which excludes share option charges, of GBP130,000 from a GBP70,000 loss in fiscal 2008. This was helped by a 45% rise in sales to GBP4.58 million as client numbers and average contract values rose.

It won business from clients including Reed Elsevier (ENL), Chubb, Novartis (NVS) and Bombardier Aerospace and said it continues to shift its focus away from one-off project deals to annual licences, which has led to an increase in recurring revenue.

The firm's earnings before interest, taxes, depreciation, amortization and share option charges rose to GBP238,000 from GBP34,000.

Imaginatik said it is confident of a strong performance in fiscal 2010, which will be helped by its strengthened sales and marketing team and its GBP1.1 million cash pile.

Company Web site: www.imaginatik.com

-By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; hannah.benjamin@dowjones.com

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