EG Solutions plc Trading Update & Master Services Agreement Signed (6710W)
February 13 2017 - 2:00AM
UK Regulatory
TIDMEGS
RNS Number : 6710W
EG Solutions plc
13 February 2017
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
13 February 2017
eg solutions plc ("eg" or the "Company")
Trading Update
Strong trading in the second half of the financial year
Master Services Agreement signed with another leading Business
Process Outsourcer
eg solutions plc (AIM: EGS), the back-office workforce
optimisation company, is pleased to announce an update on trading
for the year ended 31 January 2017.
Trading in the second half of the financial year has been
strong, generating record revenues for the six months of not less
than GBP5.69m (H1: GBP2.50m) and yielding adjusted EBITDA of over
GBP2.0m (H1: loss of GBP0.89m). Cash at the end of the period was
at least GBP2.40m. Accordingly, the Board anticipates that the
Company's financial results for the full year will be in line with
market expectations on revenues of not less than GBP8.19m and an
adjusted EBITDA of over GBP1.20m.
In line with its strategy to expand into other verticals and to
broaden its distribution channels the Board is also pleased to
report that the Company has:
-- signed several major new contracts with global firms in
America, Asia and Europe; and
-- signed a new Master Services Agreement with a leading
Business Process Outsourcer ("BPO"). Under the terms of this
contract the Company's eg operational intelligence(R) software will
be marketed within the Utilities sector as part of an integrated
solution to improve the operational performance of existing and new
clients of the BPO. The agreement has already yielded an immediate
deployment of licences worth circa GBP762,000 within the UK's
largest energy supplier.
The Company's continued focus on multi-year hosting deals now
provides for a record contracted forward revenue order book as of
31 January 2017 of GBP18.50m (H1: GBP16.20m).
The Company will be announcing its results for the year ended 31
January 2017 on 22 March 2017.
Commenting on the results, Nigel Payne non-executive Chairman
said:
"At the beginning of the second half of the financial year, the
Board embarked upon a strategy to profitably scale the business
through increased focus on sales, broadening and increasing the
Company's distribution channels and efficiency deploying internal
resources.
"I could not be more pleased with how the Chief Executive and
her management team have embraced and risen to this challenge. The
management team is highly focused and there is now real momentum
within the business whilst at the same time our customers continue
to provide excellent feedback on our products.
"The second half of the financial year was busy and the Board is
encouraged by the Company's performance. We are delighted with the
successful signing of a number of high-profile contracts and our
pipeline as we enter the new financial year is strong.
"I look forward to updating shareholders in March."
CONTACTS
eg solutions plc +44 (0) 1785 715772
Elizabeth Gooch, Chief Executive
Officer
+ 44(0) 207 220
finnCap Ltd 0500
Julian Blunt or Emily Watts
(corporate finance)
Tony Quirke (corporate broking)
Yellow Jersey PR Limited
+44 (0) 7748
843 871
Felicity Winkles +44 (0) 7769
Joe Burgess 325 254
About eg solutions plc
eg solutions is a back office workforce optimisation software
Group. eg pioneered this new market space and developed the most
complete, purpose built workforce optimisation software for back
offices - the only solution that manages work, people and
end-to-end processes wherever they are undertaken, anywhere in the
world.
eg solutions' software is now used by leading UK, international
and global companies in multiple industry sectors including
financial services, healthcare and utilities. Using its
forecasting, scheduling, real-time work management and operational
analytics capabilities, eg delivers measureable improvements in
service, quality, productivity and regulatory compliance. When
supported by eg's implementation and training services eg guarantee
a return on investment in short timescales.
The Group is listed on AIM, the London Stock Exchange's
international market for smaller growing companies (EGS).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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