Tialis Essential IT PLC Trading Update (1778H)

TIDMTIA

RNS Number : 1778H

Tialis Essential IT PLC

26 July 2023

Tialis Essential IT Plc

("Tialis" or the "Company")

Trading Update

IDE, the mid-market IT Managed Services provider, is pleased to provide an update on trading for the 6 months ended 30 June 2023 (the "Period").

Financial highlights:

   --     The business has continued to grow in line with market expectations 
   --     Revenue for the Period expected to be no less than GBP11.5m 
   --     Adjusted EBITDA (1) in the Period expected to be no less than GBP1.2m

Operational highlights:

-- Completion of acquisition of profitable partner contracts from Allvotec, a division of Daisy Group

-- Appointment of Nick Bedford to the board as a non-executive director, broadening the skillset and independence of the board

   --     Three key Allvotec contracts have been extended beyond original plan for a further two years 
   --     Six new lifecycle contracts have recently commenced or are starting imminently 
   --     National WiFi rollout won with a UK water company with expected value of GBP1m

-- Started new media company contract which will rise to an annualised value in excess of GBP1 million from 1st July for up to seven years

   --     Awarded new million pound plus support contract for national power supplier 
   --     Started an all Lifecycle contract with major car rental company 
   --     Significant new channel partnership in the final stages of agreement for lifecycle services 
   --     Very healthy pipeline of new prospects

Andy Parker, Executive Chairman, commented:

"The start to this year hasn't been without its challenges, with some major contracts having a delayed start but that aside we have delivered a strong first half with real momentum being felt in sales activity and conversion into new customers. We will now see the benefit of the delayed contracts in H2 which fills us with confidence for the full year outturn to deliver against market expectations. Furthermore, the board notes the continued decline in share price and is considering whether or not to use its authorities to buy back shares on the market if it deems it to be the best use of capital and accretive to shareholders."

For more information, contact:

 
 Tialis Essential IT Plc                     Tel: +44 (0)344 
  Andy Parker, Executive Chairman             874 1000 
 finnCap Limited                             Tel: +44 (0)20 7220 
  Nominated Adviser and Broker                0500 
  Corporate finance: Jonny Franklin-Adams/ 
  Abby Kelly 
  ECM: Tim Redfern

Notes:

(1) Adjusted EBITDA excludes share-based payment charges along with depreciation, amortisation, interest, and tax from the measure of profit.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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END

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July 26, 2023 02:00 ET (06:00 GMT)

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