Coming off a year in which its revenues plummeted by more than a third due largely to the pandemic, Ottawa software company Intouch Insight continued to feel the impact of the COVID-19 crisis in the first quarter of 2021.
Intouch (TSX-V:INX), which makes software that helps clients track customer satisfaction as well as collect data on issues such as employee health and safety concerns, posted revenues of $3.2 million for the three-month period ending March 31. That’s down 32 per cent from its revenues of nearly $4.8 million in the first quarter of 2020, a drop the firm blamed on the pandemic.
Despite the decline in sales, Intouch managed to reduce its net loss to $137,000 in the quarter, compared with a loss of $201,000 a year earlier, as it trimmed operating expenses by nearly $740,000.
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“Financial results in Q1 were solid despite the impact on revenue from the ongoing pandemic, and we are very pleased that the strength of the underlying business is shining through as we continue to recover with the economy and plan for future growth,” CEO Cameron Watt said in a statement.
“Investment in sales and marketing increased in Q1 and will accelerate as the year progresses. With a light at the end of the tunnel in the form of vaccines, Intouch is ready to take advantage of opportunities as 2021 unfolds.”
Eyeing double-digit growth in 2021
Intouch, whose customers include A&W and Sobeys, took a major hit in fiscal 2020 as the pandemic wreaked havoc with the economy. The firm’s revenues fell 34 per cent last year to $12.8 million, but Intouch management said in financial filings last month the company expects to bounce back with double-digit growth in 2021.
Last week, the company announced it has signed a non-binding letter of intent to purchase the assets of a North American-based customer experience measurement company for US$1.6 million in cash plus 1.5 million Intouch shares, a deal that could be worth up to US$3.7 million.
Intouch shares were unchanged at 70 cents in late-afternoon trading on the TSX Venture Exchange.