Gresham Technologies PLC Trading Update
RNS Number : 6347B
Gresham Technologies PLC
04 October 2022
4 October 2022
Gresham Technologies plc
Strategic Clareti win and key account renewals growth driving
Gresham Technologies plc (LSE: "GHT", "Gresham", "Group",
"Company"), the leading software and services company that
specialises in providing solutions for data integrity and control,
banking integration, payments and cash management, is pleased to
announce a strong quarter with strategic new name business and
existing key account growth.
Strategic Clareti contract win
On 30 September 2022, one of Europe's largest privately held
banking and financial services firms signed a contract for Clareti
Control to replace legacy vendor products across its global asset
management business. The firm will partner with Gresham to
consolidate all reconciliations and data controls onto a single
modern cloud platform. The initial contract has a minimum five-year
term with total committed subscription fees in excess of GBP1m,
with additional fees for professional services.
ANZ account growth
In late September, the Group's largest customer, Australia and
New Zealand Banking Group Limited ("ANZ"), executed contracts
totalling over AUD19m to cover the period 1 October 2022 to 30
September 2023 contributing to account growth of approximately 15%
over the same period last year on a constant currency basis. These
contracts include uplifts from recurring software, recurring
managed services, consulting services and contracting services, and
provide certainty over the renewal of all existing ANZ
FY22 performance and outlook
The Clareti business is continuing to grow strongly in line with
expectations. The Company benefits from a solid pipeline of new
opportunities and expects to close further new subscription
business before the end of the year, contributing to the Group's
Annualised Recurring Revenue ("ARR").
With non-Clareti renewals in the ANZ account being higher than
planned and favourable foreign exchange rates, the Company now
expects Group FY22 revenues and earnings to be ahead of market
expectations (1) , with committed renewals contributing
significantly to FY23 Group revenues.
The Company plans to continue its investment in Clareti whilst
confidently navigating cost pressures and challenging global market
Ian Manocha, CEO commented:
"We are delighted to be extending our relationship with a key
banking customer as well as welcoming one of Europe's leading asset
managers as a new customer to Gresham. The financial services
industry is currently under intense pressure, and our market
leading technology solutions provide for more effective and
efficient operations, as well as enabling innovation and growth.
Furthermore, our cloud, managed service options, and deep industry
skills are very attractive to firms who see partnering as key to
their future operating models.
This was another very positive quarter from our global team in
challenging conditions and we are well prepared to close the
financial year strongly."
(1) The Company believes that current market expectations for
the year ending 31 December 2022 are revenues of GBP42.0m and
adjusted EBITDA of GBP9.2m, with GBP46.2m and GBP10.6m respectively
for the year ending 31 December 2023.
+44 (0) 207 653
Gresham Technologies plc 0200
Ian Manocha / Tom Mullan
Singer Capital Markets (Financial Adviser and +44 (0) 207 496
Shaun Dobson / Tom Salvesen / Jen Boorer
+44 (0) 203 405
Josh Royston / Hilary Buchanan / Hannah Campbell 0205
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.
Note to editors
Gresham Technologies plc is a leading software and services
company that specialises in providing real-time solutions for data
integrity and control, banking integration, payments and cash
management. Listed on the main market of the London Stock Exchange
(GHT.L) and headquartered in the City of London, its customers
include some of the world's largest financial institutions and
corporates, all of whom are served locally from offices located in
the UK, Europe, North America and Asia Pacific.
Gresham's award-winning Clareti software platform is a highly
flexible and scalable platform, available on-site or in the cloud,
designed to address today's most challenging financial control,
risk management, data governance and regulatory compliance
problems. Learn more at www.greshamtech.com.
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(END) Dow Jones Newswires
October 04, 2022 02:00 ET (06:00 GMT)
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