Sydney-headquartered big data software vendor, Invigor (ASX:IVO), has posted a net loss after tax (NPAT) of $13.1 million for its full year ended 31 December 2017.
The latest full-year tally represents a 94 per cent decline in profit and follows a negative half year result of $8.5 :24:00million in NPAT loss.
When Invigor published its half yearly results in August 2017, it explained that the $8.5 million loss in NPAT followed impairment charges amounting to more than $6 million.
A $500,000 impairment charge in the second half brought the total impairment to $6.95 million
Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 20 per cent but with the company still posting a loss of $3.3 million.
Total revenue for the year saw a 1.2 per cent increase to $8.6 million, compared to 2016’s $8.5 million.
In December 2017, Invigor completed a $2.2 million capital raising, and a further $650,000 raise subsequent to year-end. This has allowed the company to repay some debts and deliver greater financial flexibility, it told shareholders on 28 February.
The sale of the Media division of Condat, announced on 27 February, is expected to help the company enable the reduction of approximately $3.6 million in debt.
Invigor signed a binding sale agreement of around $3.75 million to sell its Berlin-based software solutions business, Condat AG, to German IT conglomerate, HFC Group.
Invigor said it has set up a new Australian company named TillerStack to acquire and house Condat’s workforce management division, Skyware.
The sell-off of Invigor’s Condat business came almost a year after the company reported a net loss after tax of $6.77 million for the year ending 31 December 2016, effectively doubling the loss it reported for the year ending 31 December 2015.