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Imaginatik may seek funding to hasten sale
Management software and consulting firm Imaginatik warned on Tuesday that it may need to seek additional funding to advance a formal sale process.
The company put itself up for sale at the beginning of February due to concerns that its share price did not reflect the value of the company's growth prospects. By the end of March the AIM-listed company said it was in "detailed" discussions concerning a possible sale in May.
On Tuesday the company said its directors will "continue to monitor the company's cash position" as revenues are expected to drop from £3.9m to £3.7m for the 12 months preceding 31 March, despite increasing bookings by 13% to £3.6m over the course of the year.
Imaginatik signed 13 new customers over the course of the year, including a major US airline and large financial institutions from Asia, Australia and the US.
Seven of the 13 new customers signed annual or multi-year contracts consisting of both technology and consulting but the figure still represents a drop in total over the previous year where Imaginatik managed to land 15 new customers.
As of 1634 BST, Imaginatik's shares were down 14% at 1.08p.