Imaginatik PLC Trading Update (6075E)
February 11 2015 - 3:05AM
UK Regulatory
TIDMIMTK
RNS Number : 6075E
Imaginatik PLC
11 February 2015
11 February 2015
Imaginatik Plc
("Imaginatik" or "the Company")
Trading Update
Imaginatik plc (AIM: IMTK.L), the world's first full service
innovation provider offering a range of consultancy and technology
products, provides a trading update covering the second half of the
Company's financial year to date.
As announced in the Interim Results on 8 December 2014, trading
continues to progress well and in line with management
expectations. Approximately GBP1.2m of new and upsell business has
been contracted so far in the second half, including seven new
customers; four on annual or multi-year contracts and three on
consulting engagements.
The addition of the four new customers on annual or multi-year
contracts in our second half takes the Company's annual client base
to 41 (March 2014: 31) raising the annualised value of our renewals
business by 20% to GBP2.96m (March 2014: GBP2.48m at constant
currency). We are currently in contract discussions with a number
of other companies and expect to complete several new contracts in
the next few weeks, all of which will further add to our customer
and renewals base.
We are also pleased to report good progress being made in the
Consulting division. In addition to the three new consulting
customers referred to above, we have expanded contracts with
several existing customers to provide a range of consulting
engagements that encompass consulting support work with our
Innovation Central technology platform, Discovery work with our
Discovery Central technology tool as well as more strategic advice
on innovation.
Matt Cooper, Non-Executive Chairman, commented "The Board is
pleased with the progress the company is making. The size and
quality of the client base is increasing, as is the recurring
revenue base, which is bringing greater visibility and
demonstrating that our business model is working. As we continue to
build our new business pipeline there is a growing requirement for
additional capital to fund the protracted lead time from first
engagement to signed contract. Accordingly the Company will
continue to carefully manage its cash reserves and will be
considering its various funding options to ensure that the business
maintains sufficient levels of investment during this early growth
phase".
For further information please contact:
Imaginatik plc Tel: 01329
243 243
Matt Cooper Non-Executive Chairman
Ralph Welborn, CEO
Shawn Taylor, CFO
finnCap Ltd Tel: 020 7220
0500
Charlotte Stranner / Victoria
Bates
Newgate Threadneedle Tel: 020 7653
9850
Adam Lloyd / Ed Treadwell /
Jasper Randall
About Imaginatik
Imaginatik provides a range of Innovation solutions comprised of
consultancy, enterprise software and program management to deliver
innovation results to companies such as The World Bank, The Chubb
Group of Insurance Companies, , Exxon Mobil, Altria, Shell, Mayo
Clinic, Goodyear, the Yorkshire Building Society, Pitney Bowes and
Cargill. Few companies possess the internal capability to
consistently generate fresh ideas, identify those worth pursuing
and reliably transform them into real, value-enhancing assets.
Imaginatik's mission is to help these companies build sustainable
innovation competencies.
Imaginatik is a public company whose shares are traded on the
AIM market of the London Stock Exchange (LSE:IMTK.L) and is a World
Economic Forum Technology Pioneer with offices in Boston, MA, and
Fareham, UK. For more information visit www.imaginatik.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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