In its latest set of half-year results, the company reported that revenues had rocketed 254.5% to £596,000, more than revenues for the entirety of 2017, driven by an increasing take-up of the company’s services by multinational businesses.
Meanwhile, Maistro’s adjusted underlying (EBITDA) loss for the period narrowed to £923,000 from a £979,000 loss a year ago.
The results also mark a key milestone for the firm, which has achieved four quarters of continuous growth, with Cook saying the trajectory is “steeper now than it was last year”.
The focus on larger companies will serve the company well going forward, Cook says, adding that having a few large corporate clients is better than lots of smaller businesses as once the relationship is secure “the volume will inevitably come.
He explains that in a similar manner to similar to retail customers, companies are looking for a “one-stop shop” to source all their procurement needs with minimal hassle, a service Maistro provides.
“We’re sector-agnostic, we source all the things that keep a company going,” Cook says, although that doesn’t mean the procurement is solely limited to day-to-day stocking up of essentials.
“People can come to us for very complex services, if someone is launching a new product, holding an event or building a website, they can come straight to us and we will source the right supplier at the right price” he adds.
The firm is also looking to develop its artificial intelligence (AI) technology to source sellers more quickly and, by extension, generate more revenue and growth at a faster pace.
“The pace of growth is getting quicker, and as we develop our AI we will be able to source suppliers faster,” says Cook.
With shares trading at 3.9p, Maistro carries a market cap of around £7.1mln.