SLI Systems loss as expected

TESS MCCLURE
Last updated 13:14 26/02/2014

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Christchurch technology company SLI Systems has posted a $2.3 million half-year loss, in line with its projections.

The company's operating revenue for the six months to December 31 was $10.6m, with a net loss of $2.3m.

The Christchurch-based company, which specialises in search software for the e-commerce sector, went public in May, selling shares to the public at $1.50.

Shares were trading early this afternoon at $2.73, down 7 cents, or 2.5 per cent, following today's announcement.

SLI told investors in its May 2013 prospectus that it would make losses in the short to medium term as it increased spending on sales and marketing, and expansion.

The company said that since completing its initial public offering, it had applied the capital raised mainly to employ new staff. Full-time equivalent staff have increased over the six months from 119 to 137.

SLI chairman Greg Cross said the company was in a growth period, and had increased the number of customers, staff and revenue, and its product lineup. Cross said this "provides the foundation for us to continue to accelerate our growth globally".

The company's cash balance at December 31 was $13.6m.

SLI Systems has 445 customers and a customer-retention rate of 91 per cent over the last six months.

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- Fairfax Media

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