Gresham Technologies PLC Trading Update (2804B)
09 January 2018 - 6:00PM
UK Regulatory
TIDMGHT
RNS Number : 2804B
Gresham Technologies PLC
09 January 2018
9 January 2018
Gresham Technologies plc
Strong Clareti performance delivers record year for Group
Gresham Technologies plc (LSE: "GHT", "Gresham" or the "Group"),
the leading software and services company that specialises in
providing real-time transaction control and enterprise data
integrity solutions, provides the following trading update for the
year ended 31 December 2017 ("FY 2017").
The Group expects to report 2017 revenues to be up 24% year on
year to GBP21.3 million and adjusted EBITDA* up approximately 32%
to GBP5.0 million, in line with market expectations.
Total Clareti revenues are expected to be up approximately 48%
year on year to GBP11.1 million, with Clareti software revenues
increasing by 74%. The Group's closing Clareti annualised recurring
revenues are expected to be up 24% at GBP5.7 million.
During FY 2017, the Group won fifteen new Clareti Transaction
Control (CTC) clients across various established industry segments
including banking, investment management and insurance broking, as
well as a second win in the energy and commodities sector. New
clients were signed in the United States, Canada, Australia, UK and
continental Europe. The Group continued to make excellent progress
in the North American market which in the year contributed 39% of
new Clareti revenues following direct sales investment into the
region during 2016 and 2017.
Newly introduced products provided competitive differentiation
with five new Clareti Analytics licences and twelve Clareti 24
Adapters being sold in the year either in conjunction with CTC or
separately. The integration of C24 Technologies Limited was fully
completed during the year and has delivered the expected
benefits.
The Group's net contribution from non-Clareti revenues was in
line with expectations with the Group's Australian contracting
services business performing strongly and off-setting an expected
reduction in software partner revenues.
The Group closed the year with cash at GBP8.5 million, including
GBP0.2 million of term deposits, and remains debt free. The Group's
financial position is expected to remain strong throughout 2018 and
beyond.
The Group expects to announce the final results for FY 2017 on
13 March 2018.
Ian Manocha, CEO, commented:
"We are delighted with these record results stemming from our
planned investment into Clareti and the hard work of our global
team over a number of years.
We have firmly established Clareti as the new 'de-facto
standard' enterprise-class solution to the industry's endemic data
quality problems. We will continue to invest in sales and
marketing, as well as in partnerships and alliances, to capitalise
on the opportunity ahead, and we remain confident in the profitable
growth prospects of the Group."
*Earnings Before Interest, Taxation, Depreciation and
Amortisation, adjusted to add back share-based payment charges and
exceptional items.
Enquiries
+44 (0) 207 653
Gresham Technologies plc 0200
Ian Manocha
Rob Grubb
+44 (0) 207 496
N+1 Singer (Joint Broker) 3000
Shaun Dobson
Lauren Kettle
Cantor Fitzgerald Europe (Joint +44 (0) 207 894
Broker) 7000
Marc Milmo
Catherine Leftley
Callum Butterfield
Note to editors
Gresham's award-winning Clareti software platform has been
designed to provide financial institutions with complete certainty
in their data processing. Clareti is a highly flexible and fully
scalable platform for assuring enterprise data integrity and is
designed to address today's most challenging financial control,
internal risk management, data governance and regulatory compliance
problems. Gresham's portfolio of applications based on the Clareti
platform, including Clareti Transaction Control (CTC), Clareti
Accounts Receivable Management (Clareti ARM), Clareti Loan Control
(CLC) and Clareti 24 Integration Objects (C24 IO), provide
innovative industry specific solutions for real-time data
management.
Gresham Technologies plc is a leading software and services
company that specialises in providing real-time transaction control
and enterprise data integrity solutions. Listed on the main market
of the London Stock Exchange (GHT.L) and headquartered in the City
of London, customers include some of the world's largest financial
institutions, all of whom are served locally from offices located
in Europe, North America and Asia Pacific.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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