We continue to invest in the sales capability of Proudfoot. Whilst revenues for 2018 were lower, the second-half showed an increase of 14% compared to the same period in 2017 and there are early indications for a continuation of this trend. With Proudfoot now working with a number of Fortune 500 companies the Board remains confident Proudfoot will continue to deliver sustainable change to our clients and that this will create value for our shareholders.
- Substantial investment in sales capability and marketing at Proudfoot. The transformation of the US leadership team and the full implementation of our new offering and strategy in that market continues to show early signs of success.
- Reported revenues of £28.3m (2017 restated: £32.7m), with H2 revenues up 14% compared to H2 2017 (restated).
- Operating costs reduced by around 19% during the year.
- Adjusted operating loss* of £4.2m (2017 restated: £7.5m loss).
- After non-underlying items retained net loss of £13.7m (2017 restated: retained net loss £31.0m) including loss on discontinued operations of £6.7m. (2017 restated: loss of £1.4m).
- Cash balances at 31 December 2018 were £17.3m (2017: £21.0m) including £4.2m (2017: £8.5m) restricted cash reserved for contingent creditors.
- Equity fundraising successfully completed in July increasing cash resources by £8.6m (net of expenses).
- Pam Hackett, CEO of Proudfoot, appointed to the Board.
* Being operating loss before non-underlying costs and credits