- E-commerce group Attraqt said Thursday it slashed annual losses as revenue increased by more than quarter.

For the twelve months ended 31 December, losses before tax were £2.7m, a significant improvement on the £4.1m losses reported last year. While revenue increased 26% to £17.1m and like-for-like, which includes the contribution from recent acquisition Fredhopper, revenue increased 10%.

Annual Contract Value (ACV) - a good indicator of future revenues - was flat at £16.0m from a year earlier.

The company outlined a strategy to leverage the group's strengths.

Driving up innovation, enhancing our partnership strategy and replicating our UK success in other geographies were a few of the important priorities highlighted in the six-stage plan.

'Going into 2019 the business must tackle a number of challenges, including, the demise of certain brands over the period having impacted the group's bookings for the year ahead, and the pervasive threat of e-commerce software re-platforming,' the company said.

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