artec technologies AG (DE:A6TG) spent the 2016/17 period highly focused on modernizing its software platform and, as a consequence, revenues dipped by 41% in FY17. However, in recent months, the company has won three prestigious new contracts with high-profile customers in Germany. These contracts provide a significant endorsement of the new platform, and the artec carried out a 10% capital increase to provide working capital to help deliver these contracts. If management can successfully scale the business, we believe there is significant upside in the shares.
FY17 results
FY17 revenue dipped to €1.5m from €2.5m, while the loss before tax increased from €0.4m to €0.8m. The group slipped to a modest net debt position of €154k from net cash of €233k a year earlier. After the period end, artec raised €934k (gross) via a 10% capital increase at €3.95/share.
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