ATTRAQT Group PLC Trading Update and Notice of Results (2656Y)

TIDMATQT

RNS Number : 2656Y

ATTRAQT Group PLC

13 January 2022

Attraqt Group plc

("Attraqt", the "Group" or the "Company")

Trading Update and Notice of Results

Attraqt Group plc (AIM: ATQT), the leading provider of product discovery solutions for ecommerce, is pleased to provide the following trading update for the year ended 31 December 2021, with the Group's financial performance anticipated to show growth in line with expectations.

Attraqt's focus on best-in-class execution, client retention and multi-year contract renewals has delivered positive results, with the Group signing a further 35 multi-year contract renewals in 2021 (on top of 38 secured in 2020). In 2021 this included 10 out of the Company's top 20 customers, leaving 85% of the Company's top 20 customers now signed up to multi-year contracts. These commitments highlight the strong relationships Attraqt has with its customer base and how important its technology is to many of the world's leading brands' online retail operations. With the Group's continued focus on customer success, operational excellence and product innovation, net revenue retention for the period is expected to grow from the 103% last reported.

The Group has won, some against larger incumbent competition, a number of new key accounts during the year, driven by a more competitive product offering with its AI Search and Personalisation capabilities. These included, in Q4, new contracts signed with the European divisions of one of the world's leading sports and lifestyle brands as well as an international beauty product leader. These two retailers have combined global eCommerce revenues of over $4bn per annum. In addition to this, there were eleven AI Search upsells in the year, up from five in 2020.

Once again, we were pleased that our systems recorded 100% availability through the peak trading periods of Black Friday and Christmas. Our records show that consumers continued to shop online in 2021, despite bricks & mortar shops being open, with the same number (2.9bn) of ecommerce requests served by Attraqt over the five day 'peak' period as in 2020. As the pandemic continues to generate uncertainty into 2022, customer decision making remains impacted, however we ultimately believe this will revert, whilst the increased adoption of online shopping appears here to stay. Our ability to deliver these results, whilst in a hybrid working environment, is testament to the quality of the Attraqt team.

With a compelling product and increasing lead flow momentum, alongside promising opportunities from the partner programme, the Board has the confidence to allocate a greater proportion of the available spend to go-to-market initiatives in 2022.

The Company expects to announce its annual results in late March 2022.

Mark Adams, CEO of Attraqt commented :

"Over the period we have seen the business build momentum driven by our focus on innovation, customer ROI and building on relationships with existing and new enterprise customers. The fact that the majority of our top 20 customers are now signed up to multi-year contracts demonstrates that our product is living up to our customers' high standards and underpins our confidence that there are significant opportunities for growth.

Looking ahead, in addition to harnessing the power of our established AI-driven personalised search and merchandising solutions for enterprise accounts, we will continue to focus on developing the mid-market segment alongside the integration of our product into partner platforms. It is clear that our market opportunity is growing and significant, the quality of our contracts improving and with online sales continuing to be crucial to retailers, we remain focused on seeking to become the growth engine of choice for retailers and brands."

For further enquiries please contact:

 
 Attraqt Group plc    07747 766 849 
 Eric Dodd, CFO 
 
 Canaccord Genuity    +44 (0)20 7523 8000 
 Simon Bridges 
 Adam James 
 Thomas Diehl 
 
 Alma PR              +44 (0)20 3405 0205 
 Susie Hudson         attraqt@almapr.co.uk 
 Sam Modlin 
 Molly Gretton

About Attraqt Group plc

Attraqt enables online retailers and brand owners to maximise the performance and potential of their e-commerce investments by enabling best in class product discovery experiences. The Company delivers omnichannel search, merchandising, and product & content personalization for online retailers and brands. Our vision is to be the number one team and growth engine for our customers; powering the world's best product discovery experiences, wherever and whenever they happen.

For more information visit www.attraqt.com

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