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Imaginatik, the tiny AIM-listed innovation software and services venture, continues to battle on. Revenues in the year to 31 March 2012 are expected to be 20% up on the previous year at around £3.4m (2011: £2.85m). Momentum gathered in the second half with turnover in the last six months of 2012 up 30% on the same period last year. Imaginatik is still loss making but the picture is much improved on the previous year. Operating losses before share option costs are expected to come in at just shy of £1m, compared to £2.28m the year before.
Imaginatik has had a busy twelve months during which it has made key management hires, expanded the sales team for re-entry to the UK market, added further consultancy capability and enhanced its product suite. The top line growth and new contract wins – it signed seven multi-year deals in FY12 compared to nil in FY11 – suggest these investments are paying dividends. Moreover, it retains an impressive customer list, including The World Bank, NYSE and Boeing. The latest addition is the chemical company Yara which signed a $500k deal in February.
There’s no denying that Imaginatik has done well to win these deals and establish itself in the US, but it is operating in a fiercely contested market and remains very much a Little British Battler, despite being more than ten years old. We continue to hope it can succeed against the odds and build on the improving FY12 picture in the months ahead.
