Maestrano Group PLC Trading Update (7363X)
01 May 2019 - 7:36PM
UK Regulatory
TIDMMNO
RNS Number : 7363X
Maestrano Group PLC
01 May 2019
1 May 2019
Maestrano Group PLC ("Maestrano" or the "Company" or the
"Group")
Trading Update
Update on Major US Banking Project
Maestrano Group PLC (AIM: MNO), the open platform for banking
integration, master data management and business analytics
announces a trading update resulting from a change in customer
priorities.
Maestrano has recently completed delivery of its data
visualisation and business intelligence (BI) platform as part of
phase 1 of a strategic project for a major US based banking
customer. This platform has been marketed to a sample cohort of
their business customers, and customer uptake rates have been in
line with project expectations.
However, the bank has taken a decision to focus on other areas
of its technology and intends to close the BI platform by 30
September 2019. New functionality will continue to be added by
Maestrano over the months ahead and further learning achieved from
user feedback. The projected subscriber income from the platform
formed the major part of Maestrano's revenue forecast and
accordingly this change will have a dramatic negative impact on the
revenue outlook. The Board intends to reengineer the business to
focus on opportunities in the pipeline and the Company has adequate
capital reserves to support this new business plan. Further
announcements will be made in due course.
Andrew Pearson, CEO of Maestrano, commented:
"I am proud of the product we have developed. We will now focus
on bringing forward new features from our roadmap, benefiting
current customers and improving our sales proposition for future
customers. We have two Australian clients going live with pilots
during May and we continue to pursue opportunities with UK and
Eurozone banks, which we believe will lead to new contracts in due
course."
Ian Buddery, Chairman of the Board, said:
"Whilst we are very disappointed with this development, we have
built a strong working relationship with the bank which may lead to
future projects with them. We are also fortunate in having adequate
capital reserves to support the business as we look ahead. We hope
that shareholders will recognise our fundamental strengths and
perceive the longer-term opportunities. Meanwhile we are seeing
confirmation of our product strategy on a regular basis, as many
banks express their intention to build digital customer engagement
platforms."
Enquiries:
Maestrano Group plc c/o IFC
Ian Buddery, Chairman
Andrew Pearson, CEO
Grant Thornton (Nominated Adviser) +44 (0)20 7383
Colin Aaronson / Jamie Barklem 5100
Arden Partners (Broker) +44 (0)20 7614
Ruari McGirr / Ciaran Walsh / Alex Penney 5900
IFC Advisory Limited (Financial PR & IR)
Graham Herring / Miles Nolan / Zach Cohen
graham.herring@investor-focus.co.uk +44 (0)20 3934
miles.nolan@investor-focus.co.uk 6630
About Maestrano
Maestrano develops and deploys a patented cloud-based Platform
as a Service that serves the needs of Small to Medium Businesses
(SMBs) and large Enterprises (such as major banks and global
accounting firms) to access real time, automated management data
efficiently on an integrated platform. This technology is called
Master Data Management (MDM).
Further information on the Group is available at
www.maestrano.com
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
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END
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