(Alliance News) - Acuity RM Group PLC reported Thursday a widened yearly loss on a rise in costs.

In the year ended 31 December 2023 the London-based cybersecurity software company saw its pretax loss widen to GBP1.3 million from GBP341,000 last year, with administration costs increasing to GBP2.2 million from GBP316,000.

The company continued to generate business from Stream, however. In May, Acuity won a contract worth over GBP500,000 for the platform's use within an organization of the British government.

Chief Executive Officer Angus Forrest commented: "This was a year of transformation for the company. It acquired Acuity, a software company it knows and understands, having been an investor for the past two and a half years, during which it has grown consistently. We believe there are opportunities to accelerate that growth, the value of the business, and shareholder value."

The company saw its sales pipeline grow 88% to GBP7.9 million from GBP4.2 million the previous year. Orders won at annual contract value grew 45% to GBP1.6 million from GBP1.1 million. It also saw 34% growth in forward contracted revenue, to GBP2.9 million from GBP2.2 million.

On Friday, Acuity said it appointed Katherine Buchan to its board as finance director, effective immediately. She previously served in head office finance roles for Lloyds Banking Group PLC and Credit Suisse.

Forrest added: "We are delighted that Kate has joined us. In the last six months, she has managed the finance function, prepared the statutory accounts, and managed the audit including all the changes resulting from the acquisition of Acuity. We look forward to working with her for the longer term when she will bring additional commercial awareness to improve the business performance."

Acuity shares closed down 7.4% at 3.71 pence in London on Friday

By Aidan Lane, Alliance News reporter

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