Software company
The
Gross margins fell to 56.2per cent from 60.4per cent in 2020. The decrease in revenue reflected the strains of the pandemic on third-party customer bases, particularly those in association with smaller retailers and distributors, the company said.
Listed on AIM, K3 said third-party products still managed to generate £5.6m of revenue, despite being the sector most hit by the pandemic.
K3 has an exciting product offering and talented teams. This gives us a firm basis from which to move forward as we continue to build own-IP sales, which will generate long-term, high-margin recurring income. We remain very confident that there is a significant market opportunity for the Group,” he continued.
The appointment of Vergani in
Vergani says, his priority is to carry the evaluations. He expects the process to ‘be substantially completed over the coming months.’
“K3 Business Technology said their own-IP generated £8.4m of revenue and a gross profit of £6.2m, compared to £6.3m the previous year. Whilst global accounts made up £9.2m of revenue and a gross profit of £3.7m.
Shares for the software business were down 3.8per cent on Monday at
The post AIM-listed
© City AM, source