K3 Business Technology Group PLC Trading Update (6019K)
17 December 2018 - 6:00PM
UK Regulatory
TIDMKBT
RNS Number : 6019K
K3 Business Technology Group PLC
17 December 2018
AIM: KBT
K3 BUSINESS TECHNOLOGY GROUP PLC
("K3" or "the Group" or "the Company")
Trading Update
K3, which provides mission--critical business software, cloud
solutions and managed services to the retail, manufacturing and
distribution sectors, is pleased to provide an update on trading
for the financial year to 30 November 2018.
The benefits of the changes made to reposition the Group for a
return to profitable growth continue to flow through. Trading in
the second half of the financial year has been encouraging and the
Board expects to report full year results that are slightly ahead
of market expectations. This includes a reduction in the Group's
net debt position at the year end to approximately GBP0.7m (30
November 2017: net debt of GBP4.3m). This improvement reflects the
reduced cost base and better working capital management.
K3 is focused on increasing sales of its own IP, and new
business wins for K3 fashion (formerly "ax l is fashion") continue
to be at encouraging levels. These included major agreements with
Oberalp Group, the European sports clothing and equipment
manufacturer and retailer, and Columbia Sportswear, the US-based
manufacturer and distributor of outdoor apparel and products.
We are excited about the future for K3 Imagine, the
class-leading cloud native product that offers customers a scalable
platform and easy-to-integrate point solutions. K3 Imagine is a
cornerstone in K3's strategic transition to an IP-led organisation
and has continued to gain traction, with several projects now
underway both with existing and new customers.
The Board continues to view prospects for progress positively
and will provide a further update on trading with final results,
which are expected to be issued in mid-March 2019
Enquiries:
K3 Business Technology Adalsteinn Valdimarsson T: 020 3178 6378
Group plc (CEO) (today)
www.k3btg.com Robert Price (CFO) Thereafter: 0161
876 4498
finnCap Limited Julian Blunt / James T: 020 7220 0500
Thompson
(Nominated Adviser and Camille Gochez (Corporate
Broker) broking)
KTZ Communications Katie Tzouliadis / T: 020 3178 6378
Emma Pearson / Dan
Mahoney
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END
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