Ingenta PLC Trading Statement (4661O)
January 30 2019 - 2:00AM
UK Regulatory
TIDMING
RNS Number : 4661O
Ingenta PLC
30 January 2019
The information contained within this announcement (the
"Announcement") is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014. Upon the publication of this Announcement via
Regulatory Information Service, this inside information is now
considered to be in the public domain.
30 January 2019
Ingenta plc
("Ingenta" or the "Group")
Trading Update
Ingenta plc (AIM: ING), a leading software and services provider
to the publishing and media industry, provides the following
trading update for the year ended 31 December 2018.
The Group is pleased to confirm that it has made considerable
progress in its business combination plans, moving away from a
divisional product siloed structure, which will enable the Group to
operate in a more efficient and nimble manner going forward. The
Group expects to report revenue of GBP12m and adjusted EBITDA of
approximately GBP0.8 million. The Group generated operating cash
inflows of GBP2.3m in the year, before expenditure on research and
development of GBP1.8m, acquisition costs of GBP0.25m, dividends of
GBP0.25m and the planned reorganisation costs of GBP0.8m, resulting
in net cash balances at year-end of GBP1.3 million.
During the year, the business took the opportunity to impair its
non-core Chinese joint venture investment and goodwill from legacy
business combinations by GBP0.3m and GBP0.6m respectively, both of
which were non-cash transactions.
Progress made by Ingenta's management over the past 18 months to
reorganise and reposition the business have resulted in cumulative
cost reductions of approximately GBP4m on an annualised basis.
These efforts have substantially de-risked the Company, enabling it
to produce increased profitability from a lower revenue base and
allowing us to look forward to 2019 with considerable optimism.
The Board confirms its intention to pay a dividend of 1.5 pence
per ordinary share for the 2018 financial year and intends to
announce its final results for 2018 in March, subject to
shareholder approval at the AGM.
Scott Winner, Chief Executive Officer, commented:
"The results of our recent business combination plan are now
starting to produce results and I look forward to 2019 with great
enthusiasm. The business is now leaner and focussed on delivering
first class services to all our customers meaning we are
significantly better placed to propel the business through the next
stage of its growth".
For further information contact:
Ingenta Plc
Scott Winner, Jon Sheffield +44 (0) 1865 397 800
Cenkos Securities plc
Nicholas Wells, Harry Hargreaves +44 (0) 20 7397 8900
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END
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