i-nexus Global PLC Trading Update (9400Q)
24 Ottobre 2019 - 8:01AM
UK Regulatory
TIDMINX
RNS Number : 9400Q
i-nexus Global PLC
24 October 2019
24 October 2019
i-nexus Global plc
("i-nexus", the "Company" or the "Group")
Trading Update
i-nexus Global plc (AIM: INX), a provider of cloud-based
Strategy Execution software solutions designed for the Global 5000,
provides an update on trading for the year ended 30 September
2019.
-- As indicated in the July 2019 update, the Board expects Total
Recognised Revenue ("TRR") for the year to be below original market
expectations
-- However, the Board expects both the EBITDA loss and the Loss
for the Year to be in line with expectations as a result of careful
cost management
-- Pleasingly, in the reported period the group benefitted from
a substantial increase in upsells to existing clients, which has
helped offset slower than expected new deal conversion, in addition
to the previously reported customer churn
-- In September 2019 two additional products were soft launched;
Pulse and Advisor, designed to improve data entry and strategic
insight for customers
The Board expects to report TRR for FY19 of approximately GBP4.8
million (FY18: GBP4.7 million). Careful management of the rate of
investment in the second half of the year means the Board expects
to report EBITDA and PBT in line with prior market forecasts at a
loss of approximately GBP4m and GBP4.2m respectively.
Period end cash & cash equivalents are expected to be GBP1.5
million (FY18: GBP6.9 million). High levels of anticipated customer
renewals in the first half of FY20, combined with a continued focus
and close monitoring of costs, mean the Board is comfortable with
its current cash reserves. However, the Board will continue to
monitor cash spend closely and take action if budgeted levels of
Revenue for the current financial year are not achieved.
The Company exited the year with Monthly Recurring Revenue
("MRR") of GBP340k (FY18 GBP335k). MRR from upsells within our
existing client base during the year were in excess of GBP35k,
which compares favourably to the FY18 upsell total of GBP10k. This
improvement also supports the Company's expectation that an
increase in service revenue provides opportunities to add
incremental MRR within existing accounts, driven by the work of the
customer success team.
The Company expects to announce results for the year ended 30
September 2019 in early December 2019.
Simon Crowther, Chief Executive, of i-nexus Global plc, "As
already reported, a combination of factors have resulted in sales
being weaker than originally anticipated, leading to a
disappointing revenue result. While this is frustrating, we have
taken swift remedial action and, as a result, delivered EBITDA in
line with our prior expectations.
"Careful investment and considered strategic initiatives on many
other fronts have considerably strengthened all aspects of the
business. Of particular note, advancements in our product, our
Channel Partner programme and our increased reach within our
existing client base are very positive."
For further information please contact:
i-nexus Global plc Via: Alma PR
Simon Crowther, CEO
Alyson Levett, CFO
N+1 Singer (Nominated Adviser and Broker) Tel: +44 (0)207 496 3000
Lauren Kettle (Corporate Finance)
Tom Salvesen (Corporate Broking)
Alma PR Tel: +44 (0)203 405 0212
Caroline Forde / Josh Royston
About i-nexus Group plc
i-nexus supports some of the largest global companies in
running, improving and changing their businesses through the
provision of a scalable, enterprise-grade, cloud-based Continuous
Improvement ("CI") and Strategy Execution ("SE") software platform.
The platform is in use at global blue-chip businesses,
predominantly based across the US and Europe, helping customers
execute key strategic goals throughout all levels and divisions of
their organisations.
The Group's software supports Hoshin Kanri, a strategy
development methodology first introduced in the 1960s in Japan and
born out of lean, six sigma and operational improvement theory.
Hoshin Kanri (directly translated as "direction execution") is a
systematic planning, implementation and review methodology which,
when implemented, aims to ensure that the strategic goals of a
company are properly communicated to all employees and that they
drive progress and action at every level of the business.
i-nexus is headquartered in Coventry, UK with a sales office in
New York, and employs over 90 staff.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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