Cloudcall Group PLC FY 19 results publication date and trading update (2911H)
24 March 2020 - 6:00PM
UK Regulatory
TIDMCALL
RNS Number : 2911H
Cloudcall Group PLC
24 March 2020
24 March 2020
CloudCall Group plc
("CloudCall", the "Company" or the "Group")
2019 full year results publication date and current trading
update
CloudCall (AIM: CALL), the integrated communications company
that provides unified communications and contact centre software
that integrates with Customer Relationship Management ("CRM")
platforms, provides an update on the publication date of the
Group's 2019 full year results and a trading update.
On 22 March 2020, the Financial Conduct Authority ("FCA") issued
a notice to companies who are admitted to trading on the main
market of the London Stock Exchange, requesting that they observe a
moratorium on the publication of preliminary financial results for
at least two weeks. A corresponding announcement from the FCA was
published on the FCA's website at the following link:
https://www.fca.org.uk/news/statements/fca-requests-delay-forthcoming-announcement-preliminary-financial-accounts
Whilst the Group's audit process for the 2019 full year results
is substantially complete at this stage, the completion of audit
process is currently being delayed due to being impacted by
COVID-19. As a result of the FCA's guidance on the publication of
preliminary results, the Board is postponing the publication of its
annual results for the year ended 31 December 2019, which the
Company had previously intended to announce on Wednesday 25 March
2020. The Company will confirm the new date for announcing its 2019
annual results (and webinar) in due course, but the Group expects a
delay of approximately two weeks and will continue to take into
account any further guidance from the FCA and AIM.
The Company provided a comprehensive trading update on 16
January 2020, and the historic information in relation to the
Group's performance in 2019 remains as previously stated.
Furthermore, CloudCall provides the following update to its current
trading and outlook.
Current trading and outlook
Exiting 2019, the Group began the year well, with key elements
of its strategic initiatives making positive progress with early
signs of a strengthening sales pipeline. This was coupled with
continued investment, in line with our plan, to strengthen and
expand CloudCall's senior management team.
During the first two months of 2020, trading by the Group
remained inline with the Board's expectations.
With COVID-19 becoming a global pandemic in March 2020, the
Board has been closely monitoring its outlook. CloudCall's products
and services have remained extremely relevant in the current
environment, where increasing numbers of companies are looking to
urgently introduce tools to seamlessly enable their staff to work
remotely, with full access to systems that they would use in their
normal place of work.
Furthermore, as a significant proportion of the Group's revenue
stream is repeatable and recurring in nature, which combined with
net renewal rates in excess of 100%, does provide the Group with
good forward visibility of 2020 revenues at this early stage of the
year. However due to the current uncertainty caused by COVID-19,
CloudCall expects there will be an impact on the expected sales
growth for the year, although the exact extent of this impact
remains difficult to quantify at this stage.
CloudCall remains well capitalised, with gross cash of GBP11.1m
at 31 December, and a further GBP2m available via its existing
credit facility, the Board remains confident that CloudCall has
sufficient cash to enable it to trade its way through this period
of global uncertainty. The Board have already begun to review its
immediate investment plans over the near term, to ensure the Group
effectively manages its cost base and cash reserves in line with
the evolving situation.
For further information, please contact:
CloudCall Group plc Tel: +44 (0)20 3587 7188
Simon Cleaver, Chief Executive
Officer
Paul Williams, Chief Financial
Officer
Canaccord Genuity Limited Tel: +44 (0)20 7523 8000
Simon Bridges
Richard Andrews
About CloudCall Group Plc
CloudCall is a software and integrated communications business
that has developed and provides a suite of cloud-based software and
communications products and services. CloudCall's products and
services are aimed at enabling organisations to leverage their
customer data to enable more effective communications and improve
performance.
The CloudCall suite of software products allows companies to
fully integrate telephony, messaging and contact centre
capabilities into their existing customer relationship management
(CRM) software, enabling communications to be made, recorded,
logged and categorised from within the CRM system with detailed
activity reporting and powerful business intelligence capable of
being easily generated.
At the end of December 2019, the Company had approximately 160
staff based in Leicester and London (UK), Boston (US), Minsk (BY0)
with over 42,000 end-users relying on CloudCall technology to power
their communications.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPPUACWUPUGBW
(END) Dow Jones Newswires
March 24, 2020 03:00 ET (07:00 GMT)
Cloudcall (LSE:CALL)
Historical Stock Chart
From Apr 2024 to May 2024
Cloudcall (LSE:CALL)
Historical Stock Chart
From May 2023 to May 2024