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KRM22 reported preliminary reuslts showing wider losses, and said 2022 was expected to be a transitional year as the technology and software investment company looked to build on its distribution agreement with Trading Technologies.
For the year 12 months to 31 December 2021, the adjusted earnings before interst, taxes, depreciation, and amortisation, or EBITDA, loss was expected to widened to £0.8 million from £0.3 million year-on-year as revenue dropped to approximately £4.1 million from £4.6 million.
Progress on business wins during the year was 'more than offset' by churn from a subset of legacy customers, while a new contract with a global bank -- that expected to be signed in the fourth quarter of FY2021 -- had been delayed to 2022, the company said.
Looking ahead, the company said it had a list of sales prospects which, combined with the new distribution agreement with TT (Trading Technologies), would 'underpin future growth.'
'2022 will be a transitional year and the company expects to add sales, marketing, and development resource to support both its direct sales efforts and the TT distribution agreement, but the pace of this investment will need to be considered against the prevailing challenging business environment.'
Full year results will be announced on 2 March 2022.