SLI Systems, the search engine software developer, said full-year revenue missed its prospectus forecast, using its preferred measure, although it will report a smaller loss because of delays in building a sales team.
Annualised recurring revenue rose about 29 per cent to $25 million in the 12 months ended June 30, compared to a forecast in last year's offer documents of $25.9 million. Operating revenue was $22 million, about matching its forecast for $22.2 million, the company said in a statement.
The shares rose 8.5 per cent to $1.41, recovering from a record-low close of $1.30 on Friday and valuing the company at $85.3 million, after selling for $1.50 apiece in last year's initial public offering. The stock has retreated from as high as $2.90 in late January. The company, which is scheduled to report its audited results on Aug. 26, said its loss was smaller than forecast after it deferred spending to hire sales and marketing staff.
SLI Systems had forecast a comprehensive loss of about $7.2 million for the latest year,or a loss of $6.87 million on an earnings before interest, tax, depreciation and amortisation basis.
"We continue to prudently manage the capital we raised last year," chief executive Shaun Ryan said in the statement. "Our cash position and operating loss are favourable to our forecast, due to a deferral of planned expenditure on marketing and sales headcount hires."
