Gunsynd PLC
("Gunsynd" or the
"Company")
Investee Company Update -
Low6
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to
announce that it has received an update from its investee company
Low6 Limited ("Low6") which continues to grow and develop a
next-generation sports betting platform.
Low6 has continued to build revenue and has now
traded profitability for all seven months of the current financial
year being July 2023 through to January 2024. Monthly revenues have
risen to just under £400k per month.
The company forecasted revenue of £4.5m for
FY24 (July 2023-June 2024), and the company is on target to surpass
that having contracted over £3.9m between 1 July 2023 and 31
January 2024 and with five trading months to follow, the company
anticipates that it will hit its revenue target for FY24. This
compares to audited revenue for the company for the year ended 30
June 2022 of £854,851.
The company continues to pay down legacy debts
accumulated prior to October 2022 and Low6 believe that these
payments will be insignificant to the company by Q3
2024.
The Company has £265,000 invested in
Low6. More information on Low6 can be found at
https://low6.com/.
Peter Ruse, a director of Gunsynd,
commented: "Amongst a
backdrop of incredibly challenging trading conditions, the
management of Low6 have navigated the business into monthly
positive EBITDA. The company has continued to build the revenues
and have now traded profitability for all seven months of the
company's current financial year, 1 July 2023 to January 2024. The
management of Low6 have repositioned the business to focus on
licensing its software offering to clients and have developed a
varied customer base and have maintained an excellent customer
retention rate. Gunsynd continues to remain encouraged with the
businesses ability to adapt and grow in difficult market conditions
and look forward to the company's ongoing growth and
profitability."
Forward
Looking Statements
This announcement contains forward-looking
statements relating to expected or anticipated future events and
anticipated results that are forward-looking in nature and, as a
result, are subject to certain risks and uncertainties, such as
general economic, market and business conditions, competition for
qualified staff, the regulatory process and actions, technical
issues, new legislation, uncertainties resulting from potential
delays or changes in plans, uncertainties resulting from working in
a new political jurisdiction, uncertainties regarding the results
of exploration, uncertainties regarding the timing and granting of
prospecting rights, uncertainties regarding the Company's ability
to execute and implement future plans, and the occurrence of
unexpected events. Actual results achieved may vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors.
The Directors of Gunsynd accept responsibility
for this announcement.
For further
information please contact:
Gunsynd
plc
Hamish Harris/ Peter Ruse
|
+44 (0) 78 7958 4153
|
Cairn
Financial Advisers LLP
James Caithie / Liam Murray
|
+44 (0) 20 7213 0880
|
Peterhouse
Capital Limited
Lucy Williams
|
+44 (0) 20 7469 0936
|