Castleton Technology PLC Trading Statement (3450V)
April 08 2019 - 2:00AM
UK Regulatory
TIDMCTP
RNS Number : 3450V
Castleton Technology PLC
08 April 2019
Castleton Technology PLC
("Castleton", the "Company" or the "Group")
Trading Update
Results in line with expectations
Castleton Technology plc (AIM: CTP), a leading supplier of
complementary software and managed services to the public and
not-for-profit sectors, is pleased to provide the following update
on trading for the year ended 31 March 2019 ahead of the
announcement of its full year results.
The Company is pleased to announce that results for the year are
expected to be in line with expectations with revenue of not less
than GBP26.3 million and adjusted EBITDA* of not less than GBP6.3
million, representing continued good organic growth. Cash
generation in the period was solid, resulting in operating cash
conversion of not less than 95 per cent. of adjusted EBITDA*,
facilitating a continued reduction in the Company's net debt from
the prior year.
The Group expects to announce its preliminary results in June
2019.
Dean Dickinson, CEO of Castleton, said: "I am pleased with the
progress Castleton has made over the past year, recording good
organic growth in both revenues and profit, underpinned by
continued solid cash generation. The Group has achieved a number of
key operational milestones, notably, the delivery of our integrated
product suite for two customers, a significant contract win with
Connect Housing Association for the fully integrated solution
(Total Contract Value GBP1.3 million) and an additional managed
services contract with DGHP for Unified Comms. The acquisitions of
Deeplake Digital and our Indian development partner enhances our
integrated offering and highlights our ability to develop new
solutions.
The market opportunity remains large and given the Group's
established position serving the social housing sector and the
cross-selling opportunities, the Board continues to be optimistic
about the Group's growth prospects."
*Before net finance costs, depreciation, amortisation,
exceptional costs and share based payment charges
Enquiries: Castleton Technology plc Tel. +44 (0)845 241 0220
Dean Dickinson, Chief Executive
Officer
Haywood Chapman, Chief Financial
Officer
finnCap Ltd Tel. +44 (0)20 7220 0500
Jonny Franklin-Adams / Simon Hicks
Alma PR Tel. +44(0) 7780 901979
Rebecca Sanders-Hewett/ Helena
Bogle/ Josh Royston
About Castleton Technology plc
Castleton Technology plc is a leading supplier of complementary
software and managed services to the public and not-for-profit
sectors. The Group is a 'one stop shop', providing integrated
housing systems via the Cloud, working in partnership with its
customers and resellers to help drive efficiencies whilst improving
controls and customer service. www.castletonplc.com
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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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