On demand business software firm NetSuite continues to make heavy losses despite reporting record sales for the year.
The firm supplies on-demand, integrated business management application suites that include accounting, enterprise resource planning, and customer relationship management for SMEs and business units within larger firms.
Total revenue for the year ended 31 December was £55m, which was a 62% increase on the previous year.
However, the firm posted a net loss for the year of £12m. The loss was down on the previous year's red ink though, when the firm posted an £18m loss.
"Our fiscal year 2007 results capped off the best year in our history by every measure," said Zach Nelson, CEO at NetSuite. "We head into 2008 with tremendous market, customer and product momentum, not just in the US but around the world," he said.