App distribution platform Appscatter (LON:APPS) reported its maiden earnings on Thursday, after generating its first annual revenue.

The group, whose SaaS platform integrates with app stores to allow apps to maximise their distribution, reported full year revenues of £1.9 million. Its cash balance rose from £3.8 million to £226 million.

Net losses also narrowed throughout the year, dropping to £5.8 million in the year to the end of December, from £8.8 million the year previously. This comes after the group secured its first paying customers during the period, obtaining 16,835 registered users, by the end of May.

“Alongside investing in our core platform, we have also been successful in agreeing important partnerships with Airpush and IronSource, leaders in our industry who will broaden our horizons and increase our brand-awareness as we continue to focus on expanding our user base,” Philip Marcella, appScatter CEO.

Shares in Appscatter are currently trading up 2.56 percent at 60.00 (1059GMT).