Tax Systems PLC Trading Update (8027B)
15 January 2018 - 6:00PM
UK Regulatory
TIDMTAX
RNS Number : 8027B
Tax Systems PLC
15 January 2018
Tax Systems plc
("Tax Systems" or the "Company")
Trading Update
Tax Systems, a leading supplier of corporation tax software and
services, is pleased to provide the following trading update for
the year ended 31 December 2017.
As reported at the time of the Company's interim results in
September, the trading performance of the business has continued to
be strong and as such the Board expects to report results for the
year ended 31 December 2017 in line with market expectations. Good
order intake and cash conversion in the second half of the year saw
a continued reduction in net debt(1) which decreased from GBP23.6m
as at 30 June 2017 to c.GBP20.5m as at 31 December 2017.
A significant amount of activity and progress during the year
has led to a solid platform having been put in place to support the
Company's growth strategy and day to day operations. The future
market opportunity remains substantial, arising from the continued
move towards digitising the tax system as well as the drive to
improve efficiency and reduce risk within corporate tax
departments.
The full results for the year ended 31 December 2017 are
expected to be announced in April 2018 and the Board looks forward
to updating shareholders with further details at that time.
Gavin Lyons, CEO, commented: "We are pleased with the progress
achieved in the year following initiation of our investment and
transformation plan. In a short space of time, we have put in place
the foundations from which to pursue our organic and acquisitive
growth strategy. While there is always more work to be done, our
stable customer base, coupled with high levels of recurring revenue
and future technology plans, leaves the Board confident of a
successful year ahead."
(1) Net debt is defined as bank borrowings and loan notes
recognised as liabilities and the equity element of the loan notes,
recognised in equity, less cash
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014
Tax Systems plc +44 (0)1784 777700
Gavin Lyons, Chief Executive
Officer
Kevin Goggin, Chief Financial
Officer
MXC Capital Markets LLP
(Financial Adviser) +44 (0)20 7965 8149
Charlotte Stranner
finnCap Limited (Nomad
and Broker) +44 0)20 7220 0500
Jonny Franklin-Adams /
James Thompson (Corporate
Finance)
Tim Redfern / Richard
Chambers (Corporate Broking)
Alma PR (Financial PR) +44 (0)20 8004 4218
Hilary Buchanan / Josh
Royston / Susie Hudson
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
TSTEAPFAFSLPEFF
(END) Dow Jones Newswires
January 15, 2018 02:00 ET (07:00 GMT)
Tax Systems (LSE:TAX)
Historical Stock Chart
From Apr 2024 to May 2024
Tax Systems (LSE:TAX)
Historical Stock Chart
From May 2023 to May 2024