Maestrano Group PLC Trading Update (7054I)
12 August 2019 - 6:40PM
UK Regulatory
TIDMMNO
RNS Number : 7054I
Maestrano Group PLC
12 August 2019
12 August 2019
Maestrano Group PLC ("Maestrano" or the "Company" or the
"Group")
Trading Update
Update on Australia Banking Project
Maestrano Group PLC (AIM: MNO), the open platform for master
data management and business analytics, announces a trading update
resulting from a change in customer priorities.
Maestrano has recently completed delivery of a platform as part
of a project for an Australian banking customer. This platform was
designed for a specific vertical market, offering applications for
that market, rather than being a pure banking platform.
The bank has taken a decision to change its approach to this
vertical market and accordingly will not proceed with the custom
platform, which will be decommissioned by 30 August 2019. The
projected subscriber income from the platform was not a significant
part of Maestrano's revenue forecast and accordingly this change
will have a minimal impact on revenue outlook for the current
financial year.
Maestrano will now concentrate its efforts on the developing
solutions for clients in the distribution and accounting
verticals.
In addition, the Company is now engaged in discussions regarding
multiple M&A opportunities, although these remain at a
relatively early stage and no formal commitments have been entered
into. The Company has adequate cash reserves to support its
business plan in 2020.
Andrew Pearson, CEO of Maestrano, commented:
"We are seeing an established pattern across our industry of
banks discontinuing what are termed "Marketplace as a Service"
platforms, where 3rd party applications are offered to bank
clients. We now believe that banks assumed a faster digitalization
of small businesses than is happening in practice. There remains no
doubt in our mind that this digitalization will eventually occur,
but we are now taking a conservative view of the timing and
focusing on established markets where our technology can add value
today."
Ian Buddery, Chairman of the Board, said:
"This development confirms the decision made in May to explore
opportunities to acquire complimentary products and teams, where
clear opportunities existed to accelerate shareholder value. We
have identified some interesting opportunities and will make
further announcements when possible."
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 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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