Tax Systems PLC Trading Update (4370L)
19 July 2017 - 4:00PM
UK Regulatory
TIDMTAX
RNS Number : 4370L
Tax Systems PLC
19 July 2017
19 July 2017
Tax Systems plc
("Tax Systems", " the Company " or "the Group ")
Trading Update
Tax Systems, a leading supplier of corporation tax software and
services, is pleased to provide an update on trading for the six
months ended 30 June 2017.
Group trading during the first half of the year, net debt of
GBP24.0m at 30 June 2017 and the operational and financial key
performance indicators were all in line with expectations. The
Group repaid GBP0.9m of bank debt during the period. Customer
renewals in the period were strong. In addition, new customer wins
across the Group's existing markets of large corporations and
accountancy firms were in line with the organic growth plan.
The integration of OSMO Data Technology Limited ("OSMO"),
acquired on 3 April 2017, is proceeding as planned. Most
importantly, less than 3 months after the acquisition, OSMO is now
linked with AlphaTax, the Company's flagship product. This was
recently demonstrated at the Company's customer conference on 4
July 2017 where close to 200 people attended.
A key focus over the period has been the continued investment in
the Group's people, product development and systems infrastructure.
As a result, the Group made significant strides having defined its
18-month technology roadmap and all releases were launched as
planned for the first half of the year. This included the recent
launch of the Group's first cloud-based product, a data entry
module enabling accountancy firms to collect data more efficiently
from their customers. To support the further rollout of the
technology roadmap, all of the Group's technology offerings have
been realigned into four core suites; Alpha Compliance Suite, Alpha
Control Suite, OSMO Automation Suite, and Services. The Company
will continue to invest in its technology offering with a focus on
enhancing its cloud capabilities.
The Group expects to report results for the six months ended 30
June 2017 in September.
Gavin Lyons, CEO of Tax Systems, commented, "We are pleased with
the Group's progress for the first half of the year. The last year
has been one of significant change and we have made substantial
investment in our people, processes, systems and technology. All
aspects of our business are operating in line with expectations.
Looking ahead, the market opportunity is driven by regulation and
internal pressure for tax departments to improve efficiency, reduce
operational risk and increase audit control. We remain optimistic
about the Group's growth prospects."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014
Tax Systems plc
Gavin Lyons, Chief Executive
Officer +44 20 3845 3552
MXC Capital Markets LLP (Financial
Adviser)
Marc Young/Charlotte Stranner +44 20 7965 8149
finnCap Limited (Nomad and
Broker)
Jonny Franklin-Adams/James
Thompson (Corporate Finance) +44 20 7220 0500
Tim Redfern/Richard Chambers
(Corporate Broking)
Alma PR (Financial PR)
Hilary Buchanan / Josh Royston
/ Helena Bogle +44 20 8004 4218
About Tax Systems Plc
Tax Systems plc is a leading provider of corporation tax
software and services in the UK and Ireland. The business has a
long track record of being a key supplier of corporation tax
software and services to many of the largest companies and the
accounting profession in the UK and Ireland.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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