Tekcapital plc Trading Update (6313X)
21 Novembre 2014 - 8:00AM
UK Regulatory
TIDMTEK
RNS Number : 6313X
Tekcapital plc
21 November 2014
21 November2014
Tekcapital Plc
("Tekcapital", "the Company" or "the Group")
Trading update
- Tekcapital announces strategy to purchase disruptive IP
opportunities for future value creation -
Tekcapital plc (AIM: TEK), an international provider of
technology and intellectual property services, is pleased to
provide the following update on trading for the year ending 30
November 2014.
Tekcapital is making solid progress against many of the
strategic objectives set out at the time of the Group's admission
to AIM. The Group continues to scale the business and has secured
several new clients in the North American market, including three
within the Fortune 1000 spanning the automotive, healthcare and
food and beverage industries, with negotiations continuing with a
number of potential additional customers. As of 20 November 2014,
the Group had secured 15 retained clients, which represents growth
of over 100 per cent since the Group joined AIM in Q2 2014.
The Group has not yet completed any technology transfers and now
considersthere to be less predictability on the timing of such
revenues than anticipated at the time of the IPO. In light of this,
the Directors have been focusing on adding new clients with
recurring monthly revenue and implementing a per report, variable
costs structure that is scalable while reducing fixed operating
costs. This has reduced the Company's monthly fixed costs
considerably, as a result of which, while revenue for the year will
be significantly lower than anticipated, the loss at an operating
level is likely to be broadly in line with market expectations.
Through the acquisition of Invention Evaluator, announced on 23
July 2014, the Group has added an additional service for clients
seeking to determine the marketability of new technologies they are
considering investing in. In the month of October 2014, the Group
received paid orders for 89 Invention Evaluator reports. This
strong order book compares to 36 reports sold in the month of
October 2013 and management anticipates orders for November 2014 to
be above the levels in the same month in 2013.
To enhance the Group's ability to address new client needs, Dr.
Alan Naidoff has recently been appointed as an additional Managing
Director of Technology Transfer. Dr. Naidoff was formerly the
Director, Discovery Transactions, Business Development &
Licensing at Merck Sharp & Dohme Corp.
Tekcapital, through the combination of its Innovation Discovery
Network ("IDN") and leveraging the knowledge of its Science
Advisory Board to evaluate specific IP opportunities, has
unrivalled access to a significant number of potentially disruptive
technologies. Given this insight and the ability to immediately
source and acquire these IP opportunities, Tekcapital will now seek
to augment its offering by entering into agreements with
universities and research centres to purchase the exclusive
licences for certain potentially disruptive Intellectual Property
rights. The Group intends to fund these highly selective
acquisitions by the issuance of new shares in Tekcapital and, where
appropriate, may also satisfy the purchase consideration from
existing cash resources.
All potential acquisitions will be carefully evaluated and will
not utilise a significant portion of the Group's cash balances. The
Group anticipates that any acquisition will be of a modest
expenditure and will not have a material impact on the Group's cash
position over time. Tekcapital will realise value from these
technologies by seeking to sell-on the rights to these unique
assets to businesses and commercial enterprises.
Commenting on the announcement, Dr. Clifford Gross, Executive
Chairman of Tekcapital plc, said:
"Tekcapital is delivering against the strategy that we set out
when we joined AIM earlier this year. Notwithstanding that we have
not yet closed our first technology transfer, we have significantly
increased our retained customer base and the fact that globally
recognisable Fortune 1000 companies are working with us we believe
is testament to both the need for our offering and our
professionalism. We are currently in contract negotiations with a
number of companies in the US, Europe and Asia which we expect to
have a significant impact on total client numbers, a key metric for
the Company, in future reporting periods. Additionally, the
acquisition of Invention Evaluator has expanded our service
offering and client base and is already generating top line revenue
and profit. We remain confident on the future growth prospects of
our unique business and the strategic opportunities before us."
For further information please contact:
Tekcapital Plc +44 (0) 1865 261445
Malcolm Groat, Finance Director mgroat@tekcapital.com
Northland Capital Partners Limited
(NOMAD & Broker) +44 (0) 20 7382 1100
William Vandyk / Lauren Kettle (Corporate
Finance) lkettle@northlandcp.co.uk
John Howes / Alice Lane (Corporate
Broking)
Optiva Securities Limited (Co-Broker) +44 (0) 20 3137 1904
Jeremy King / Vishal Balasingham jeremy.king@optivasecurities.com
FTI Consulting, LLP +44 (0) 20 3727 1000
Chris Lane / Emma Appleton / Roger
Newby tekcapital@fticonsulting.com
Tekcapital plc - The World's Largest University Network for Open
Innovation
Tekcapital helps clients profit from new, university-developed
intellectual properties. With our proprietary discovery search
engine, linked to 3,300+ universities in 160 countries, coupled
with expert scientific review, we provide a turn-key service to
make it easy for clients to find and acquire the IP they need to
create a competitive advantage. Tekcapital plc is listed on the AIM
market of the London Stock Exchange (AIM: symbol TEK) and is
headquartered in Oxford, in the UK. For more information, please
visit www.tekcapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
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