Imaginatik PLC Trading update (0909F)
November 09 2015 - 10:57AM
UK Regulatory
TIDMIMTK
RNS Number : 0909F
Imaginatik PLC
09 November 2015
9 November 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 first half of the
Company's financial year to 30 September 2015.
The Company expects to report an increase in recognised revenues
of approximately 33% to GBP1.96m (2014: GBP1.47m). This increase
combined with the containment of costs will reduce the half year
losses to approximately GBP0.41m (2014: GBP0.70m). Particularly
encouraging is the increase of approximately 91% in overall
bookings in the period to GBP1.97m (2014: GBP1.03m at constant
currency). This has been driven primarily by the successful
completion of several large multi-year renewals with existing
clients. We are pleased to report that we renewed 14 out of the 17
contracts available for renewal and secured 87% of the available
renewal revenues in the period.
In addition, we closed contracts in the period with several new
clients including Eli Lilly, Landauer and Alaska Air.
We are also pleased to report continued progress in the
Consulting division, including successfully growing our footprint
with several existing customers and expanding the range of our
consultancy engagements to include portfolio valuation work, the
creation of long term strategy for creating deep innovation
capabilities as well as our more traditional consulting support
work with our Innovation Central technology platform.
As we enter the second half of the year, we are currently in
contract discussions with a number of other companies and expect to
complete several new contracts in the next few weeks. We expect the
momentum in the Consulting division to continue, with several new
consulting opportunities being developed. There is an equally large
number of clients available to renew with us in the second half of
the year and we are working diligently to achieve a similar or
better result than that achieved in the first half year.
As stated in previous announcements, as a small company with
relatively few high value contracts, the management of cash
resources can at times be a challenge. During the period the
Company's Chairman, Matt Cooper, advanced the Company $110,000 as a
short term loan, of which $50,000 has now been repaid. The balance
of this loan together with the balance of the $250,000 loan
advanced in January 2015 is scheduled to be repaid over the coming
months. 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 growth phase.
Matt Cooper, Non-Executive Chairman, commented: "The Board is
pleased with the progress Imaginatik is making. The quality of the
client base is outstanding for a company of our size and we are
seeing pleasing growth in new innovation consulting
opportunities."
The Company expects to report interim results for the six month
period to 30 September 2015 in early December.
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
Jonny Franklin-Adams/Giles
Rolls
Daniel Stewart & Company Tel: 020 7776
6550
Martin Lampshire/David Coffman
Alma PR Tel: 020 7796
9085
Hilary Buchanan
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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