Nov 23, 2023

Losses double at Matillion as tech unicorn continues to invest and create 150 jobs Matillion recently relocated its UK head office from Altrincham to Salford's Two New Bailey 04:00, 23 NOV 2023 Sign up to FREE email alerts from BusinessLive North West Invalid emailSomething went wrong, please try again later. More Newsletters We use your sign-up to provide content in ways you’ve consented to and improve our understanding of you. This may include adverts from us and third parties based on our knowledge of you. More info Thank you for subscribing! Invalid emailSomething went wrong, please try again later. Sign Up × Matillion's losses doubled during its latest financial year as it continued to grow and created 150 new jobs. The cloud software company, which recently relocated its headquarters from Altrincham to Salford, has reported pre-tax losses of $64.4m for the 12 months to January 31, 2023, according to newly-filed accounts with Companies House. That figure compares to the $32.5m in losses it posted for the prior year. However, Matillion's turnover increased from $57.2m to $84m over the same period while it grew its headcount from 449 to 600. Research and development costs also rose from $22.1m to $33.7m while sales and marketing costs jumped from $43.8m to $74.8m. A statement signed off by the board said: "The directors are delighted that the group has enjoyed another successful period of revenue growth. The group continues to invest heavily in its internal product development in support of its strategy. "New releases every six to eight weeks increase the functionality of the software and new product releases supporting either existing cloud data platform partners on new cloud infrastructure or new cloud data platform partners expand the addressable market and increase the choice for potential customers." Matillion chief executive and co-founder Matthew Scullion (Image: Matillion) It added: "As a rapidly expanding, but still loss-making business, continued timely access to debt and capital markets will be essential to the business. This risk is mitigated by remaining a leader in a rapidly growing sector and by maintaining strong relationships with both current and potential future investors. "The company considers that its cash reserves are sufficient to meet its short and long-term obligations. Cashflow is monitored closely by management, detailed cash projections are performed and reviewed on an ongoing basis." Matillion recently relocated its UK head office from Altrincham to Salford's Two New Bailey. The office sits alongside the company's sister-HQ in Denver, Colorado. Matillion joined the ranks of Manchester's tech unicorns in September 2021 when a $150m fundraising drive by a US investment giant with stakes in the likes of Gymshark, BuzzFeed and Squarespace valued the business at $1.5bn. The firm secured the Series E funding from General Atlantic with participation from Battery Ventures, Sapphire Ventures, Scale Venture Partners and Lightspeed Venture Partners. Story Saved You can find this story in   My Bookmarks. Or by navigating to the user icon in the top right. Follow BusinessLive Most Recent Most Recent