Veltyco Group PLC Trading Update (4985T)
November 15 2019 - 2:00AM
UK Regulatory
TIDMVLTY
RNS Number : 4985T
Veltyco Group PLC
15 November 2019
15 November 2019
Veltyco Group plc
("Veltyco", the "Company" or the "Group")
Trading update
Veltyco Group plc (AIM: VLTY), the online marketing company for
the gaming industry, provides the following update on current
trading and the Group's financial position.
Trading within the Group's Bet90 sportsbook and casino business,
in which Veltyco has a 51% interest, continues to be in line with
management expectations, with Bet90 achieving its highest revenues
since launch in July and October 2019. However, as a result of
reduced marketing activities, income from the Group's affiliate
business is currently minimal and below management expectations.
The Group therefore continues to trade at a loss on a monthly basis
and the Directors continue to seek to further reduce the Group's
overall cost base to match its income.
As previously announced, the Group continues to be reliant on
being able to manage its creditors, which continue to be materially
in excess of the Group's current cash resources. As a result of the
Group's creditor balance and the continued trading losses, the
Directors continue to manage the Group's cash resources carefully.
Accordingly, the Directors continue to actively explore further
appropriate sources of capital to enable it to reduce it
liabilities and to provide general working capital.
In the event that trading in the short term is not in line with
the Board's revised expectations and/or the Group is not able to
manage its creditors and/or the Group continues to trade at a loss
and/or the Group is not able to secure further funding as outlined
above, the Group's ability to continue as a going concern and to
meet its liabilities will be materially impacted.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Veltyco Group Plc +44 (0)1624 605 764
Paul Duffen, Chairman
Marcel Noordeloos, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / Richard Tulloch / James Dance
Whitman Howard Ltd (Broker) +44 (0)20 7659 1234
Nick Lovering / Christopher Furness
IFC Advisory (Financial PR & IR) +44 (0)20 3934 6630
Graham Herring / Tim Metcalfe / Zach Cohen
About Veltyco
Veltyco is a group of companies focused on the operation of its
own online Sportsbook and Casino product as well as marketing
activities for other online gaming companies.
Website: www.veltyco.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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