TIDMAQX

RNS Number : 3994X

Aquis Exchange PLC

19 December 2019

19 December 2019

Aquis Exchange PLC

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

Announcement on timing of NEX Exchange Acquisition

and

Trading Update

Following the announcement made on 5 July 2019 regarding the agreed acquisition of NEX Exchange Limited ("NEX Exchange"), Aquis Exchange PLC (AIM: AQX.L), confirms that it continues to await FCA approval.

The application is progressing and FCA approval is now anticipated to be received in early 2020. The Company will update the market further upon its receipt and completion of the acquisition.

Trading Update

The Company also announces that it expects to deliver results for the year ending 31 December 2019 in line with market expectations, despite a challenging market environment.

With FY2019 revenues set to increase by approximately 70% from the prior year and the Company approaching EBITDA breakeven, the Board believes that Aquis' subscription-based business model is becoming well established. Market share in Europe has risen from 3.8% to 4.7% over the last 12 months and from 2.6% since the IPO in June 2018. Strong revenue growth in the core business is anticipated to continue in 2020, albeit at a slower rate than this year, and growth will be further supplemented by the acquisition of NEX Exchange.

With a proven business model and greater political and economic clarity in the UK post the General Election, the Board considers that now is the right time to invest further for the long-term success of the business. Investment in Aquis' sales and technology will be increased by around GBP1 million per annum from 2020 to take advantage of the scope for significant long-term sales and value creation for shareholders.

The Company expects to announce its audited results for FY19 in March 2020 and still expects to deliver a positive EBITDA in 2020. Cash remains healthy and is expected to end the year at around GBP11m.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR).

Enquiries:

 
  Aquis Exchange PLC                           Tel: +44 (0) 20 3597 
                                                6321 
  Alasdair Haynes, CEO 
   Jonathan Clelland, CFO and COO 
  Belinda Keheyan, Head of Marketing           Tel: +44 (0) 7768 
                                                078110 
 
  Liberum Capital Limited (Nominated Adviser   Tel: +44 (0) 20 3100 
   and Broker)                                  2000 
  Clayton Bush 
   Chris Clarke 
   Edward Thomas 
   Kane Collings 
 
  Alma PR (Financial PR Adviser)               Tel: +44 (0)20 3405 
                                                0209 
  Rebecca Sanders-Hewett                       aquis@almapr.co.uk 
   Caroline Forde 
   Susie Hudson

About Aquis Exchange

Aquis Exchange PLC is an exchange services group, which operates a pan-European cash equities trading business (Aquis Exchange) and develops and licenses exchange software to third parties (Aquis Technologies).

Aquis Exchange PLC (AQX.L) is quoted on the London Stock Exchange's Alternative Investment Market (AIM).

Aquis Exchange is authorised and regulated by the UK Financial Conduct Authority and France's Autorité des Marchés Financiers to operate Multilateral Trading Facility businesses in the UK and in EU27 respectively.

Aquis operates a lit order book and does not permit aggressive non-client proprietary trading, which has resulted in lower toxicity and signalling risk on Aquis than other trading venues in Europe. According to independent studies, trades on Aquis are less likely to lead to price movement than on other lit markets. Aquis applies a subscription pricing model which works by charging users according to the message traffic they generate, rather than a percentage of the value of each security that they execute. This model can significantly reduce the cost of trading.

Aquis Technologies is the software and technology division of Aquis Exchange PLC. It creates and licenses cutting-edge, cost-effective matching engine and trade surveillance technology for banks, brokers, investment firms and exchanges.

For more information, please go to www.aquis.eu and www.aquis.technology.

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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(END) Dow Jones Newswires

December 19, 2019 02:00 ET (07:00 GMT)

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