Defenx plc Trading Update (1280D)
29 January 2018 - 6:00PM
UK Regulatory
TIDMDFX
RNS Number : 1280D
Defenx plc
29 January 2018
29 January 2018
Defenx PLC
("Defenx" or the "Company" or, together with its subsidiaries,
the "Group")
Trading Update
Defenx PLC (AIM:DFX), the cyber-security software group,
provides the following update.
The Company confirms that, as previously advised and for the
reasons set out in its announcement of 25 October 2017, the
revenues for the year ended 31 December 2017 will be materially
below those in the previous year ended 31 December 2016 and that
the Company will report a significant loss for the full year.
The Company is pleased to announce that following the
appointment of Alessandro Poerio as Chief Executive Officer in
November 2017, progress has been made in developing a corporate
sales pipeline focused particularly on the Group's cloud offering,
which continues to attract significant customer interest. Progress
has also been made in bringing the Group's development activities
in house enabling our team to continue to address the previously
announced performance and back-end integration issues. The Company
anticipates providing a further update on its strategy and
prospects together with a detailed trading update by late
February.
The collection of trade debtors remains difficult with limited
collections since mid-November 2017. Management continues to pursue
all options to collect amounts due to the Group, including legal
proceedings, to accelerate the collection of outstanding trade
debtors and secure new orders from historical and new customer
relationships.
As at 22 January 2018, the Company had EUR0.81 million of cash
and undrawn facilities of approximately EUR0.75 million (consisting
of a GBP450,000 supply chain facility, EUR173,000 invoice
discounting facilities and an overdraft of EUR20,000). In the event
that cash collection remains weak, the Group is unable to drawdown
its facilities and new orders do not come through as expected, the
Group may be required to seek additional funding in late-Q2
2018.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
Enquiries
Defenx PLC
Alessandro Poerio - Chief Executive
Officer
Philipp Prince - Chief Financial Officer 020 3769 0687
IFC Advisory (Financial PR and IR)
Tim Metcalfe / Graham Herring / Heather
Armstrong 020 3934 6630
Strand Hanson Limited (Nominated and
Financial Adviser)
Angella Hallett / Richard Tulloch /
James Bellman 020 7409 3494
WH Ireland (Joint-Broker)
Adrian Hadden / Alex Bond 020 7220 1666
Beaufort Securities (Joint-Broker)
Jon Belliss 020 7382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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