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Toople revenues improve as losses widen in first half
Business telecom services provider Toople issued its financial results for the six months ended 31 March on Thursday, reporting a 10% increase in revenues over the second half of the 2017 financial year to £0.69m.
The London-listed firm said it saw a 63% increase in orders of revenue-generating units, alongside a 38% rise in billable customers.
It reported a 54% increase in direct small-to-medium enterprise customer revenue, and a 7% improvement in gross profit, compared with the previous six months, to £0.08m.
Toople's total loss for the period from continuing operations was £0.71m, widening from £0.6m in the first half of the 2017 financial year.
"The first half of this financial year has started well with continued growth in our SME client base," said CEO Andy Hollingworth.
"The decision taken in late 2017 to bring in-house our direct sales team has shown very positive results, with a 113% increase in orders in the first three calendar months of 2018 compared with the same period last year, a significant reduction in pre go-live contract cancellations quarter-on-quarter and lower costs of customer acquisitions.
"We expect this trend to bring even greater benefits in the second half as we refine our go-to-market strategy and deliver cost savings into the business."