Access Intelligence PLC Full year trading update - replacement (3262W)
10 December 2019 - 6:21PM
UK Regulatory
TIDMACC
RNS Number : 3262W
Access Intelligence PLC
10 December 2019
Prior to publication, certain information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
The following amendment has been made to the 'Full year trading
update' announcement released on 10 December 2019 at 7:00am under
RNS No 3252W.
The phone number for Access Intelligence Plc has been updated to
020 3426 4074.
All other details remain unchanged.
The full amended text is shown below.
10 December 2019
ACCESS INTELLIGENCE PLC
("Access Intelligence", the "Company" or the "Group")
Full year trading update
Accelerated growth at Access Intelligence with continued
innovation
Access Intelligence (LSE: ACC, "the Group"), the technology
innovator delivering Software-as-a-Service ("SaaS") solutions for
the PR, communications and marketing industries, has today
published a trading update for the 12 months to 30 November
2019.
For the year to 30 November 2019, organic growth in net Annual
Contract Value (ACV) for Vuelio and ResponseSource accelerated to
GBP1.25m, reflecting 10 per cent ACV growth year on year. New
business sales increased by more than 30 per cent year on year and
upsell sales almost doubled, with net ACV growth of GBP0.5m being
delivered in the final quarter alone. Total ACV for the Vuelio and
ResponseSource business at 30 November 2019 was approximately
GBP13.6 million.
New contract wins during the second half include Allen &
Overy, Everton Football Club, ING Bank, London Ambulance Service,
Met Office, Scottish Widows, The Institute of Mechanical Engineers,
The Royal British Legion and UEFA.
The Directors expect that total Vuelio and ResponseSource
revenue for the financial year will be in the order of GBP12.7
million, compared to GBP8.9 million for the prior year. Excluding
the Pulsar acquisition, Adjusted EBITDA is expected to be in the
order of GBP1.1m, in line with market expectations.
The acquisition of Pulsar, which has expanded Access
Intelligence's capabilities in social media analysis, audience
segmentation and social media marketing evaluation, is very
exciting and integration is progressing well. All of Pulsar's
operations have been co-located into the Company's new premises and
the initial industry feedback on the acquisition has been
positive.
On migrating Pulsar's contracts onto the Company's systems, the
Company has identified a small number of contracts where there are
questions regarding revenue recognition. The Board has appointed a
firm of external accountants to assess whether this matter is
isolated to the few identified contracts. The Board believe that
this does not impact the rationale for the acquisition. A further
announcement will be made once the work being undertaken is
completed.
The Group's net cash balance of GBP2.0m at 30 November 2019 was
slightly behind market expectations of GBP2.7m. This was due to a
timing difference on the receipt of a GBP0.4m R&D tax credit
from HMRC which is now expected to be received during December
2019, in addition to an accelerated GBP0.3m cash payment to exit
the Group's previous property lease early, enabling an overall
saving of GBP0.1m.
Joanna Arnold, CEO of Access Intelligence, said:
"Our continuing strategy of growing our core business through
innovation, through technological advance and through niche,
targeted acquisitions, is bringing further market differentiation
to the business.
Integration of our acquisitions is on track and we now have a
substantial presence in our core markets. We are successfully
leveraging our brands on our technology platform and thus driving
growth across all areas of the business."
For further information:
Access Intelligence plc
Joanna Arnold (CEO) / Mark Fautley (CFO) 020 3426 4074
finnCap Limited (Nominated Adviser and Broker)
Marc Milmo / Kate Bannatyne / Matthew Radley 020 7220 0500
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
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END
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