Ingenta PLC AGM Statement & Results of AGM (2091P)
24 May 2018 - 9:09PM
UK Regulatory
TIDMING
RNS Number : 2091P
Ingenta PLC
24 May 2018
24 May 2018
Ingenta plc
(the "Company")
AGM Statement
The Board is pleased to announce that at the AGM held earlier
today all the Resolutions put to the meeting were passed.
The Chairman made the following statement at the meeting:
'Further to the announcement of the Group's Preliminary results
and its stated strategy to improve operational efficiency, the
Board is pleased to announce that it has concluded a significant
restructuring of its individual business units along functional
lines. These changes were enabled by the move from R&D to
commercial implementation of the final modules of the Group's new
suite of software products and are expected to materially de-risk
the business going forward and allow the Group to benefit from its
very substantial levels of recurring revenues, and to drive
operating margins and cashflows in the coming periods.
The Group now has 9 live customers, an increase of three since
the beginning of last year which includes two of our largest
customers to date, with 12 modules of its Ingenta Commercial
software suite now implemented. We anticipate the Group's primary
effort over the coming periods is to accelerate the
commercialisation of this new product set and the Board looks to
the future with renewed confidence on its much-reduced cost
base.
The Group's cash balances remain strong at GBP1.7m at the end of
April with no debt.
David Montgomery has stepped down from his duties as CEO
temporarily for personal health reasons. Scott Winner will assume
the role of acting CEO alongside his current position as Chief
Operating Officer with immediate effect. The Board is supporting
David in a difficult time and a further statement will be issued
when the situation becomes clearer.'
For further information please contact:
Ingenta plc Tel: 01865 397 800
Martyn Rose / Jon Sheffield
Cenkos Securities plc Tel: 0207 397 8900
Nicholas Wells / Harry Hargreaves
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END
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