Ottawa-based ProntoForms boosts recurring revenues 26% in Q2

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ProntoForms (TSX-V:PFM) found success in the second quarter of the year as the Ottawa firm continues to grow its recurring revenue base while keeping its losses steady.

ProntoForms reported revenues of $3.68 million for the three months ended June 30, up from 2.91 million a year ago and a five per cent hike quarter-to-quarter. The growth can be wholly traced to the firm’s recurring revenues segment, which was up 26 per cent year-over-year to $3.3 million.

The firm’s net losses for the quarter, meanwhile, came to $530,000 – a drop from $670,000 a year ago and even with the previous quarter’s results.

In a statement, CEO Alvaro Pombo highlighted the success of the firm’s enterprise sales push. Companies that contribute more than $100,000 to annual recurring revenue represented 30 per cent of the company’s customer base as of June 30, up from 23 per cent a year previous.

ProntoForms’ share price on the TSX Venture exchange was unchanged in trading Thursday. Since the start of the year, however, the firm’s shares are up roughly 34 per cent to 51 cents.