Blancco Technology Group PLC Trading Statement (2887K)
06 July 2017 - 4:00PM
UK Regulatory
TIDMBLTG
RNS Number : 2887K
Blancco Technology Group PLC
06 July 2017
Blancco Technology Group PLC
("Blancco", or the "Group")
PRE--CLOSE TRADING UPDATE AND NOTICE OF RESULTS
Blancco, a leading global provider of mobile device diagnostics
and secure data erasure solutions, is today issuing a pre-close
trading update for the year ended 30 June 2017.
The Board is pleased to report that the positive Revenue
momentum reported at the interim results has continued through the
second half of the year. For the financial year ending 30 June
2017, revenues increased approximately 40% over the prior year,
approximately 30% in constant currency, in line with market
expectations.
However, cash flow and net cash are below market expectations
due to the non-payment of GBP3.5m of receivables, the majority
undertaken in the prior year.
Taking a prudent approach to these receivables we have decided
to provide against them by taking a charge of GBP2.2m, resulting in
Adjusted Operating Profits of not less than GBP5.5m and Adjusted
EBITDA of not less than GBP7.0m (subject to fully closing the
accounts and audit).
This reflects the Group's intention to apply a more prudent
approach to revenue and income recognition on this type of contract
in the future.
The Group will be announcing its final results on Tuesday, 3
October 2017. An analyst briefing will be held at 09:00 at the
offices of Tulchan Communications, 85 Fleet Street, London, EC4Y
1AE.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 ("MAR").
Enquiries:
Blancco Technology Group
Plc
Patrick Clawson, Chief
Executive Officer
Simon Herrick, Interim
Chief Financial Officer +44 (0) 20 3657 7000
Peel Hunt LLP (Nominated
Adviser and Broker)
Edward Knight
Euan Brown +44 (0) 20 7418 8900
Panmure Gordon (UK) Limited
(Joint Broker)
Dominic Morley, Corporate
Finance
Charles Leigh Pemberton,
Corporate Broking +44 (0) 20 7886 2500
Tulchan Communications
Tom Murray +44 (0) 20 7353 4200
About Blancco
Blancco Technology Group is a leading global provider of mobile
device diagnostics and secure data erasure solutions. For more
information, please visit www.blancco.com
Cautionary statement
This announcement contains forward--looking statements that are
based on current expectations or beliefs, as well as assumptions
about future events. These forward--looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward--looking statements often use words such
as anticipate, target, expect, estimate, intend, plan, goal,
believe, will, may, should, would, could, is con ident, or other
words of similar meaning. Undue reliance should not be placed on
any such statements because they speak only as at the date of this
document and, by their very nature, they are subject to known and
unknown risks and uncertainties and can be affected by other
factors that could cause actual results, and Blancco's plans and
objectives, to differ materially from those expressed or implied in
the forward looking statements.
There are a number of factors which could cause actual results
to differ materially from those expressed or implied in
forward--looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward--looking statements are; increased competition, the loss of
or damage to one or more key customer relationships, the outcome of
business or industry restructuring, changes in economic conditions,
currency fluctuations, changes in laws, regulations or regulatory
policies, developments in legal or public policy doctrines,
technological developments, the failure to retain key management,
or the key timing and success of future acquisition opportunities
or major investment projects.
Blancco undertakes no obligation to revise or update any
forward--looking statement contained within this announcement,
regardless of whether those statements are affected as a result of
new information, future events or otherwise, save as required by
law and regulations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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July 06, 2017 02:00 ET (06:00 GMT)
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