Business
AUDITED RESULTS FOR THE YEAR ENDED 31 DEC 2019
AUDITED RESULTS FOR THE YEAR ENDED 31 DEC 2019.
About this update from Krm22 Plc
[{"type":"text","content":"\n \n \n RNS Number : 5973N\n KRM22 PLC\n 21 May 2020\n \n \n \n \n \n \n \n \n \n \n KRM22 plc\n(\"KRM22\", the \"Group\" and the \"Company\")\n \n \n \n \n \n AUDITED RESULTS STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019\n \n \n \n \n \n KRM22 plc (AIM: KRM), the technology and software company focused on risk management in capital markets, announces its audited results for the year ended 31 December 2019 (\"2019\", the \"Year\"). \n \n \n \n \n \n Financial highlights\n \n \n · \n Total revenue recognised of £4.1m (2018 - £1.3m, based on seven months and three months post-acquisition revenue from Irisium and ProOpticus respectively)\n \n \n · \n Annualised Recurring Revenue (ARR):\n \n \n o \n Current undisputed ARR of £4.0m (May 2020)\n \n \n o \n ARR at 31 December 2019 of £4.3m (2018 - £3.3m)\n \n \n o \n Net organic ARR growth of 21% in the year (2018 - 10%) including 33% ARR growth from institutional customers\n \n \n o \n Acquired ARR growth of £0.5m from the acquisition of Object+\n \n \n · \n Adjusted EBITDA loss of £3.1m (2018 - loss of £3.3m)\n \n \n · \n Loss before tax of £7.3m (2018 - loss of £5.4m)\n \n \n · \n Cash at 31 December 2019 of £1.1m (2018 - £3.4m)\n \n \n · \n Net cash outflow of £2.3m (2018 - inflow of £3.3m) \n \n \n · \n Raised gross proceeds of £2.8m through a placement and subscription for new ordinary shares\n \n \n · \n Agreed a £10.0m loan facility with an initial drawdown of £1.0m in April 2019 and a committed £0.5m drawdown in 2020 available at the Company's discretion\n \n \n \n \n \n Operational highlights\n \n \n · \n Acquisition of Object+ in May 2019 to provide a suite of \"pre-trade\" and \"at trade\" market risk applications to complement existing \"post-trade\" applications\n \n \n · \n Global Risk Platform and Enterprise Risk Cockpit launched in March 2019 and first significant customer of Enterprise Risk Cockpit in October 2019\n \n \n · \n Six new partnerships signed covering client onboarding, enhanced due diligence, online training, individual accountability regime and regulatory reporting\n \n \n \n \n \n Post Year end matters\n \n \n · \n Acquired the remaining 40% non-controlling interest in Irisium from Cinnober on 16 April 2020\n \n \n · \n Raised gross proceeds of £1.3m in a placing and subscrip...