ATTRAQT Group PLC Board Changes and Trading Update (4973I)
April 02 2020 - 2:00AM
UK Regulatory
TIDMATQT
RNS Number : 4973I
ATTRAQT Group PLC
02 April 2020
2 April 2020
Attraqt Group plc
("Attraqt", the "Group" or the "Company")
Board changes and trading update
Attraqt Group plc (AIM: ATQT), today announces that Luke
McKeever has informed the Board that, due to family reasons, it is
necessary for him to step down from his role as Chief Executive
Officer with effect from 30 June 2020. Luke will nevertheless
continue to work from home for a number of months in order to
effect a smooth handover and the Board is pleased to announce that
he will remain on the Board as a Non-Executive Director from the
effective date, allowing the Group to continue to benefit from his
expertise going forward.
Nick Habgood, Non-Executive Chairman, will assume the role of
Interim Executive Chairman, working closely alongside Eric Dodd,
Chief Financial Officer, while the Company undertakes the search
for a new Chief Executive.
Trading update
To date, the Company has not experienced a material impact from
the developing COVID-19 situation, however the Company is conscious
of the unprecedented challenges being faced by the retail sector.
Whilst it is too early to predict the broader outcomes of the
pandemic on the Group's existing and prospective customer base, the
Group's recurring, multi-year contracts provide a degree of
resilience.
As previously announced on 4 March 2020, Attraqt had a cash
balance at 31 December 2019 of GBP4.0m, and an exit annual
recurring revenue ("ARR") of GBP19.2m. This recurring revenue is
supplemented by revenue from non-recurring items and professional
services.
From an operational perspective, following Government
guidelines, Attraqt has moved to remote working, taking all the
necessary precautions to ensure that there is a minimal effect on
business continuity. As a result of the Group's effective
contingency plans, there has been no change to its service or
delivery to customers and it continues to provide customers with
full support.
Nick Habgood, Interim Executive Chairman of Attraqt,
commented:
"Whilst it is disappointing to lose such an insightful and
passionate CEO from the business, the Board understands that
circumstances necessitate it in this case and we are very pleased
that Luke will be able to continue to offer the Company his
guidance and expertise in a non-executive capacity.
"Luke and the team have implemented much positive change across
the Group and have ensured that there is a strong platform in
place, which is particularly relevant in such uncertain times.
"Whilst it is impossible to predict the outcomes of this
pandemic, we are confident that we are well positioned with a high
proportion of recurring revenue, a robust balance sheet, and we
look forward to continuing to support brands over the long
term."
Luke McKeever added:
"Although my personal circumstances have dictated that my role
in the business has had to change, I look forward to continuing to
make an active contribution to the Company in my new role. Attraqt
has a huge opportunity ahead and an exciting product that is
providing customers with an offering that delivers demonstrable
value. I would like to thank all of the team for their dedication
and commitment during my time as CEO, the work that they have put
in leaves Attraqt well placed for future growth."
For further enquiries please contact:
Attraqt Group plc 07747 766 849
N ick Habgood, Interim Executive
Chairman
Eric Dodd, CFO
Canaccord Genuity +44 (0)20 7523 8000
Simon Bridges
Adam James
Tom Diehl
Alma PR +44 (0)20 3405 0205
Rebecca Sanders-Hewett attraqt@almapr.co.uk
Susie Hudson
Sam Modlin
About Attraqt Group plc
Attraqt powers exceptional shopping experiences for over 300 of
the world's leading retail brands. The Company delivers omnichannel
search, merchandising, and product & content personalization
for retailers and brands. Simple-to-use interfaces and efficient
workflows enable Merchandisers to take full control and enhance the
value of smart automation with their own strategic expertise and
creativity.
In 2019, Attraqt acquired Early Birds, the award-winning
AI-driven personalization software provider. Together, the two
companies combine Attraqt's pedigree in data-led search and
merchandising capabilities to optimize product discovery and visual
curation, with Early Birds' award-winning ability to empower
learning algorithms to orchestrate and personalize the entire
shopper journey. The benefits to retailers and brands will be the
ability to orchestrate enhanced shopper journeys that also deliver
superior commercial returns.
For more information visit www.attraqt.com
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END
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