FreeAgent Holdings PLC Trading Statement (8640J)

TIDMFREE

RNS Number : 8640J

FreeAgent Holdings PLC

05 April 2018

5 April 2018

FreeAgent Holdings plc

("FreeAgent", the "Company" or the "Group")

Trading Update

FreeAgent Holdings plc, a provider of cloud-based Software-as-a-Service ("SaaS") accounting software solutions and mobile applications designed specifically for UK micro-businesses, today provides the following trading update for the year ended 31 March 2018.

For the full year ended 31 March 2018, the Board expects to report revenue of GBP9.8 million and Annualised Committed Monthly Recurring Revenue ("ACMRR") of GBP10.1 million in line with our expectations. Period end net cash was approximately GBP2.3 million.

Ed Molyneux, Group CEO, commented:

"Overall progress has been strong, particularly in our Banking channel, despite headwinds in the practice channel - courtesy of the turmoil surrounding the IR35 changes. The RBS partnership has continued to prosper and we were pleased on 27 March to announce the terms of a recommended cash offer for FreeAgent by a wholly-owned indirect subsidiary of RBS at a price of 120 pence per share. Formal offer documentation is expected to be despatched to FreeAgent shareholders shortly and in any event on or before 24 April."

For further information please contact:

 
  FreeAgent Holdings plc                  via FTI Consulting, 
                                           LLP 
  Ed Molyneux, CEO 
   Katherine Tenner, CFO 
 
                                          +44 (0) 207 496 
  N+1 Singer                               3000 
  Sandy Fraser, Jen Boorer (Corporate 
   Finance) 
 
                                          +44 (0) 203 727 
  FTI Consulting, LLP                      1000 
  Matt Dixon, Emma Hall 
  FreeAgent@fticonsulting.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTBLGDSIGGBGIS

(END) Dow Jones Newswires

April 05, 2018 02:00 ET (06:00 GMT)

Grafico Azioni Freeagent Hdg (LSE:FREE)
Storico
Da Mag 2024 a Giu 2024