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I-nexus Global (INX) Share Price Soars After Sales Boost

Updated: 8 Sep 2020

Shares of software company i-nexus Global (LON: INX) have surged over 75% higher on Tuesday after the company issued a positive trading update confirming a rebuilt sales pipeline and a substantial new order.

In its statement released this morning, the company stated that its sales pipeline has been rebuilt to pre-COVID-19 levels with live opportunities that represent a total Annual Recurring Revenue (ARR) of £1.8 million.

In its half-year report, i-nexus commented that it was trying to secure extra funding to deal with the downturn that had arisen from the coronavirus pandemic.

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However, the company were unable to secure funding but said that based on the latest cash flow projections its directors believe they will only experience a modest cash shortfall by the end of 2020 and expect to have a positive cash balance in February 2021.

The positive outlook has been helped by the confirmation of a new customer on a multi-year contract, while i-nexus has also received a substantial services order from an existing customer which will add to its ARR.

INX share price…

Source: TradingView

I-nexus’ share price exploded higher after the news and is currently trading at 5.90p per share, up 76% from Monday’s close at 3.36p.

In its financing update, the company said it has agreed with HMRC to a deferral payment plan regarding the payment of PAYE and National Insurance which amounts to around £430k.

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