RNS Number : 6347B

Gresham Technologies PLC

04 October 2022

4 October 2022

Gresham Technologies plc

Trading Update

Strategic Clareti win and key account renewals growth driving FY22 upgrade

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 business.

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 conditions.

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 
 Broker)                                            3000 
Shaun Dobson / Tom Salvesen / Jen Boorer 
Alma PR 
                                                   +44 (0) 203 405 
Josh Royston / Hilary Buchanan / Hannah Campbell    0205 

Inside information

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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