Glantus Holdings PLC Q1 2023 Trading Update and Directorate Change (4786Z)
May 16 2023 - 2:00AM
UK Regulatory
TIDMGLAN
RNS Number : 4786Z
Glantus Holdings PLC
16 May 2023
16 May 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH IS
PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018.
Glantus Holdings plc
("Glantus" or the "Company" or the "Group")
Q1 2023 Trading Update and Directorate Change
Glantus (AIM: GLAN), the provider of Accounts Payable ("AP")
automation and analytics solutions announces a trading update for
the quarter ended 31 March 2023 ("Q1 2023") and a change to its
Board membership.
FY 2022 Results
The Company expects to report, subject to audit, revenue and an
adjusted EBITDA loss before exceptional restructuring costs and any
impairment of goodwill from acquisitions in line with the previous
guidance provided in the Company's trading update released on 14
February 2023. The FY 2022 results are expected to be published on
or before 30 June 2023.
Q1 2023 trading update
As previously reported, during a very challenging year in FY
2022, the Group completed a restructuring of the business which
achieved significant annualised cost savings through reductions in
headcount and operational infrastructure costs while consolidating
operations globally with a focus on technology-led initiatives to
drive margins and scale. Trading in the new financial year has been
stronger than management's expectations and the business model and
strategy provides a strong platform for significant growth.
Q1 2023 revenues of c.EUR3.47m alongside the reduced cost base
has delivered better margins and achieved both an adjusted EBITDA
profit of c.EUR1m and positive cash flow from operations, ahead of
management's expectations.
Looking forward, the Board has the confidence in the continued
and sustained demand for the Glantus solutions and the potential
for additional products to be integrated onto the Glantus
platform.
Debt refinancing
The Company is making good progress with finalising a legal
agreement to extend the repayment date of the EUR5 million loan
with Beach Point Capital which is due in August 2023 by 24 months.
Further updates will be made in due course.
Board Change
Diane Gray-Smith, current Executive Director and Interim Chief
Financial Officer ("CFO"), has stepped down from the Board with
immediate effect and is leaving the Company to pursue new
opportunities. Diane joined the Board at IPO in May 2021 as a
Non-Executive Director, was appointed to the executive position of
Chief Corporate Growth Officer in March 2022 and assumed the role
of Interim CFO in December 2022.
Diane stepped into the role of Interim CFO at a very challenging
time for the Company, and played a vital part in the restructure of
the business. The Board thanks her for her efforts and wishes her
every success in her future endeavours.
CFO Appointment
Susan O'Connor will assume the role of CFO, effective
immediately. Susan, a PwC trained Chartered accountant, is an
experienced CFO with public and private companies in the technology
sector and previously worked with Glantus at the time of its IPO.
We are pleased to welcome her aboard.
Enquiries:
Glantus Holdings
Maurice Healy, CEO + 353 86 267
ir@glantus.com 7800
Shore Capital
Nominated Advisor and Broker + 44 207 408
Patrick Castle / John More / Tom Knibbs 4090
Yellow Jersey PR
+44 7747 788
Charles Goodwin / Annabelle Willis 221
About Glantus Holdings plc
Glantus Holdings (AIM: GLAN) Glantus is a global provider of
accounts payable automation and analytics solutions. Glantus'
mission is to harness technology to drive innovation, unlocking
efficiencies in AP to maximise working capital for global
enterprise organisations. The award-winning Glantus DataShark
Platform connects all AP systems and suppliers on one agile
platform, eliminating cost and delivering new revenue streams. We
work in tandem with our partners to deliver joint enterprise
digital transformation solutions. For more information see
glantus.com .
Founded in 2014 and headquartered in Dublin, Glantus has offices
in the United States, United Kingdom, Poland and Costa Rica.
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