Catena Group PLC Trading update of Insight Capital Partners Ltd (3255T)
July 17 2020 - 2:00AM
UK Regulatory
TIDMCTNA
RNS Number : 3255T
Catena Group PLC
17 July 2020
17 July 2020
Catena Group PLC
("Catena" or the "Company")
Trading update of Insight Capital Partners Ltd
Catena Group Plc (AIM:CTNA) is pleased to provide an update on
the performance of Insight Capital Partners Limited ("Insight"),
the data science and machine learning solutions company. Catena
holds 9.1% of Insight's issued ordinary share capital following its
initial investment on 3 March 2020. Catena retains an option to
increase its shareholding in Insight up to 30.2% on the same terms
as the initial investment.
Since March, Insight has continued to accelerate its growth,
generating unaudited revenue (under UK GAAP) of GBP2.8 million and
profit before tax of GBP0.47 million for the year ended 31 March
2020 compared with revenue of GBP0.7 million and a loss before tax
of GBP1.1 million (also under UK GAAP) for the year ended 31 March
2019. Insight has continued its profitable growth in the second
quarter of 2020.
In addition, Insight has this week successfully launched a beta
version of its proprietary "Portfolio Insights" tool, providing
asset managers with valuable capabilities to develop and test
fundamental investment strategies and validate performance
attribution using a scalable cloud infrastructure with access to 20
years of US and European market data. Insight is pleased with the
immediate response from both its existing and prospective clients
to this important new product that demonstrates the potential for
machine learning to transform the asset management industry.
Catena's current minority interest in Insight means that this
strong financial performance by Insight, will not be consolidated
into the Group's financial statements. As indicated on 6 May,
Catena has been granted a three month extension for the reporting
and filing of its financial results for the year ended 31 December
2019 ("FY19"). The Company now expects to report its FY19 results
by the end of August.
For enquiries, please contact:
Catena Group PLC
Matthew Farnum-Schneider, Chief Executive +44 (0) 20 3744 0900
Zeus Capital Limited (Nominated Adviser &
Sole Broker)
Daniel Harris / David Foreman / Benjamin Robertson +44 (0) 203 829 5000
Newgate (Financial PR) +44 (0) 7540 106 366
Giles Croot / Robin Tozer catena@newgatecomms.com
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END
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