- CloudCall Group reported wider annual losses as rising revenues were offset by increasing operating costs and cash-burn amid a ramp up in investments.

For 2018, losses widened to £3.69m from £2.61m a year earlier and revenue grew 28% to £8.8m.

Revenue growth was supported by increase in the total number of end-users, up 33% to 31,343 from 23,520 last year.

Operating costs grew 32% to £9.8m in 2018, from £7.4m a year earlier, following a 'significant' investment deployed to generate accelerated revenue growth in the future, the company said.

With a 'strong' balance sheet and a focussed and effective growth strategy centred around 4 key growth pillars, the company remained 'confident of achieving the stated growth plans for the year ahead, evidenced by a strong start to 2019,' Cloudcall said.

'The investments that we have made, and are continuing to make in our 4 key growth pillars have, as expected, increased our operating costs and cash-burn, but were always likely to have only limited impact on 2018 revenues,' said said Simon Cleaver, Chief Executive Officer of CloudCall.

'Despite this, we were delighted to see ourselves, for the second year running, positioned as one of the UK's fasted growing tech companies by the Financial Times.'

'I am, however, hugely encouraged to see the early impact of those investments coming through towards the end of the year. With this investment ongoing, and accelerating in some key areas, having effectively removed some of the cash constraints from the business with successful placings in late 2017 and early 2019, we are well placed to deliver on our growth plans with a high degree of confidence in the future.'

At 9:55am: [LON:CALL] Cloudcall Group Plc share price was -16.5p at 87.5p

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