Gresham Technologies PLC Trading Update (4304E)
July 04 2019 - 2:00AM
UK Regulatory
TIDMGHT
RNS Number : 4304E
Gresham Technologies PLC
04 July 2019
RNS
4 July 2019
Gresham Technologies plc
Trading Update
Gresham Technologies plc (LSE: "GHT", "Gresham" or the "Group"),
the leading software and services company that specialises in
providing real-time data integrity and control solutions, is
pleased to provide a trading update for the half year to 30 June
2019.
Unaudited results for the six months ended 30 June 2019 are
expected to show:
-- Group revenues of GBP12.4m (H1 2018: GBP9.1m), up 36% (or 29% on a like-for-like basis)
-- Clareti revenues of GBP8.3m (H1 2018: GBP5.5m), up 50% (or 38% on a like-for-like basis)
-- Clareti software recurring revenues of GBP5.5m (H1 2018:
GBP3.0m), up 83% (or 63% on a like-for-like basis)
-- Clareti Annualised Recurring Revenue ("ARR") of GBP9.1m (30
June 2018: GBP6.2m), up 47% (or 31%, as at 30 June 2019, on a
like-for-like basis)
-- Other non-Clareti revenues increased by 17% to GBP4.1m (H1
2018: GBP3.5m), including a 21% increase in the Group's Australian
sub-contracting business
-- Adjusted EBITDA to be substantially higher than the same
period in 2018 and remains in line with management expectations for
the full year
-- Net cash at 30 June 2019 was GBP8.3m (30 June 2018: GBP7.0m)
-- Management remains confident in the full year outlook
Notes:
1. Revenues exclude discontinued VME software business sold in
January 2019 which contributed revenue of GBP0.06m during the
period (H1 2018: GBP0.37m)
2. Growth rates presented on a like-for-like basis have been
adjusted to exclude H1 2019 contribution from B2 Group
3. H1 2018 results have been adjusted for IFRS15
During the period, the Group made good progress against its
stated strategy by announcing four strategically important Clareti
wins, one of which was with a new name customer and three of which
involved existing customers. Each of these wins has a contract
software value exceeding GBP1m and, collectively, they represent a
combined value in excess of GBP7.8m over the respective committed
terms. In addition, the Group won five further new name Clareti
customers and secured a number of chargeable upgrades in the
period.
The integration of the B2 Group, the bank-to-corporate
integration and cash management software specialist acquired by the
Group in July 2018, was fully completed during the period. The
division maintained a solid performance in the period and full year
outturn for the division remains in line with management
expectations.
The Group's Clareti Loan Control joint venture with Mount
Street, entered into in 2016, is expected to be discontinued by
mutual agreement during 2019 as both parties intend to focus their
resources on other parts of their respective businesses.
Gresham expects to announce its interim results for the six
months to 30 June 2019 on 23 July 2019. A copy of the presentation
will be made available on the Company's website at 9.00 a.m. on the
day. For further information, and to register attendance, please
contact Gresham on investorrelations@greshamtech.com.
Ian Manocha, CEO, commented:
"This has been an excellent first half with strong Clareti
subscription growth driven by four strategic wins and a solid run
rate of smaller new deals and customer upgrades.
We have made good progress with each of our three Clareti
go-to-market initiatives: data integrity and control; regulatory
data quality; and cash management and payments solutions, and there
is good momentum in the business as we enter the second half."
Enquiries
+44 (0) 207 653
Gresham Technologies plc 0200
Ian Manocha
Tom Mullan
+44 (0) 207 496
N+1 Singer (Financial Adviser and Broker) 3000
Shaun Dobson / Lauren Kettle (Corporate Finance)
Tom Salvesen (Corporate Broking)
Inside information
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
Note to editors
Gresham Technologies plc is a leading software and services
company that specialises in providing real-time data integrity and
control solutions. Listed on the main market of the London Stock
Exchange (GHT.L) and headquartered in the City of London, its
customers include some of the world's largest financial
institutions, all of whom are served locally from offices located
in Europe, North America and Asia Pacific.
Gresham's award-winning Clareti software platform has been
designed to provide financial institutions with complete certainty
in their data processing. Clareti is a highly flexible and fully
scalable platform for ensuring the integrity of data across an
enterprise. It is designed to address today's most challenging
financial control, risk management, data governance and regulatory
compliance problems.
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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