Alfa Financial Software Hldgs PLC Trading Statement (0667Q)
June 01 2018 - 9:18AM
UK Regulatory
TIDMALFA
RNS Number : 0667Q
Alfa Financial Software Hldgs PLC
01 June 2018
1 June 2018
Alfa Financial Software Holdings PLC
Trading Update
Alfa Financial Software Holdings PLC ("Alfa" or the "Company"),
a leading developer of mission critical software for the asset
finance industry, today announces a trading update.
We have been informed by one of our major customers that they
have decided to delay their implementation project. We are
satisfied that this decision is related to the customer's internal
systems and we currently understand that the project is likely to
be restarted in early 2019 when their underlying issues have been
resolved.
In addition to this, a potential new customer has significantly
increased the geographical and functional scope of the project, and
one of our larger existing customers seems likely to extend its
decision point regarding the expansion of another major contract.
Therefore, the potential implementation start dates for each of
these could be later in 2018, or into 2019.
These delays will have some impact on the first half of 2018,
and a significant impact on the second half. As a result we are
revising full year revenue guidance to GBP71 - GBP75 million, at a
USD:GBP budget rate of 1.35, assuming these delays persist. EBIT
will also be materially below management's previous expectations as
a result of our predominately fixed operating costs,
notwithstanding a focus on cost efficiencies through the remainder
of the year.
Interim results for the six months ending 30 June 2018 will be
announced on 4 September 2018.
Andrew Denton, Chief Executive of Alfa said:
"We are disappointed by this unexpected delay in one of our
major implementations, due to factors outside our control.
Similarly, the expansion in scope of both a potential new
implementation and another of our existing projects will have a
negative impact on 2018 but in the medium term we anticipate a
benefit as the projects are enlarged and implemented. We are
absolutely focussed on the conversion of these specific projects
and other opportunities to ensure our growth momentum is
restored."
Enquiries
Alfa Financial Software Holdings PLC
Andrew Denton, Chief Executive Officer
Viv Maclachlan, Chief Financial Officer +44 (0)20 7588 1800
Tulchan Communications LLP
James Macey White
Matt Low +44 (0)20 7353 4200
The information contained within this announcement is deemed by
Alfa to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
Notes to Editors
Alfa has been delivering systems and consultancy services to the
global asset and automotive finance industry since 1990. Our best
practice methodologies and specialised knowledge of asset finance
mean that we deliver the largest software implementations and most
complex business change projects. With an excellent delivery
history over nearly three decades in the industry, Alfa's track
record is unrivalled.
Alfa Systems, our class-leading technology platform, is at the
heart of some of the world's largest asset finance companies. Key
to the business case for each implementation is Alfa Systems'
ability to replace multiple client systems on a single platform.
Alfa Systems supports both retail and corporate business for
automotive, equipment, wholesale and dealer finance on a
multijurisdictional basis, including leases/loans, originations and
servicing. An end-to-end solution with integrated workflow and
automated processing using business rules, the opportunities that
Alfa Systems presents to asset finance companies are clear and
compelling.
With over 30 clients utilising Alfa in 26 countries, Alfa has
offices in Europe, Asia-Pacific and North America. For more
information, visit www.alfasystems.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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