K3 Business Technology Group PLC Trading Update (8370D)
November 02 2020 - 2:00AM
UK Regulatory
TIDMKBT
RNS Number : 8370D
K3 Business Technology Group PLC
02 November 2020
2 November 2020
K3 BUSINESS TECHNOLOGY GROUP PLC
("K3" or "the Company" or "the Group")
TRADING UPDATE
K3, which provides mission--critical business software, cloud
solutions and managed services, is pleased to provide the following
trading update.
Trading in the second half of the financial year to 30 November
2020, seasonally the Company's stronger half, has continued to be
in line with the second quarter and management expectations, with
the own IP and Global Accounts businesses showing particular
resilience. October is an important month for annual software
licence and maintenance contract renewals, and these have
progressed well with renewal rates tracking at normal high
levels.
Management continues to focus strategically on the significant
opportunity to expand own IP sales, particularly of the K3|imagine
platform and has made a number of new appointments to strengthen
the senior team. The Board is also actively exploring a range of
options to simplify the Group structure.
As previously announced, management expected net bank debt
(drawdown plus cash balances net of overdrafts) to be GBP6.0m at
the end of September, historically the point of peak borrowing for
the Company. Actual net bank debt at 30 September 2020 was GBP6.2m,
and cash balances since then have grown strongly with annual
renewal receipts.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
K3 Business Technology Adalsteinn Valdimarsson, T: 0161 876
Group plc CEO 4498
Rob Price, CFO
finnCap Limited (NOMAD Julian Blunt/ James Thompson T: 020 7220
& Broker) (Corporate Finance) 0500
Richard Chambers (Corporate
Broking)
KTZ Communications Katie Tzouliadis/ Dan Mahoney T: 020 3178
6378
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END
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