ATTRAQT Group PLC Trading Update (4349R)

TIDMATQT

RNS Number : 4349R

ATTRAQT Group PLC

06 July 2022

6th July 2022

Attraqt Group plc

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

Trading Update

Attraqt Group plc (AIM: ATQT), the leading provider of product discovery solutions for ecommerce, is pleased to provide the following trading update covering the six-month period to 30 June 2022 (H1 22).

Revenue for H1 was up 8% at constant currency at c.GBP12.1m (H1 2021: GBP11.1m) and in line with management's expectations.

The Company has continued to see good momentum in bookings, with strong new logo performance. Annual Recurring Revenue (ARR) bookings in H1 increased by 35% to GBP2.5m (H1 2021: GBP1.8m) and the closing ARR is up c.15% (annualised) to c.GBP23.4m (FY21: GBP21.9m). Enterprise performance was strong with two UK fashion brands and two international brands signing in the reporting period, all following competitive tenders. The win rate has increased due to sales momentum and AI becoming the centrepiece of the Company's offering, providing greater competitive differentiation. The strong new logo and enterprise bookings generate a different revenue profile to upsell bookings as clients take longer to build up to full usage. This impacts the time to monetise full revenue from the contracts.

Alongside well-publicised macro-economic conditions, we expect the deteriorating outlook for consumer facing businesses to delay some customer decisions and as flagged in the full year results update, for lead times on enterprise sales to lengthen. The mid-market offering is maintaining momentum and the Company's overall sales pipeline remains healthy , including further enterprise opportunities.

The Group expects to announce its Interim Results for the six months ended 30 June 2022 in late September.

For further enquiries please contact:

 
 Attraqt Group plc    +44 (0)7747 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

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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