Catenae Innovation PLC Annual Report, Trading & COVID-19 Update (1244I)
31 Marzo 2020 - 8:00AM
UK Regulatory
TIDMCTEA
RNS Number : 1244I
Catenae Innovation PLC
31 March 2020
31 March 2020
Catenae Innovation PLC
("Catenae", or the "Company")
Annual Report and Accounts, Trading and COVID-19 Update
Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of
digital media and technology, provides the following update in
relation to its Annual Report and Accounts, Trading and
COVID-19.
Annual Report and Accounts
Due to the current COVID-19 outbreak, the Company will be unable
to post its annual audited accounts to shareholders for the year to
30 September 2019 by the 31 March 2020 deadline pursuant to AIM
Rule 18.
Further to the guidance provided by AIM Regulation in "Inside
Aim" on 26 March 2020, the Company requested an additional period
of up to three months to publish its annual audited accounts for
the year ended 30 September 2019.
AIM Regulation has granted the extension, and therefore the
Company will publish its annual audited accounts to 30 September
2019 by 30 June 2020. Catenae has also applied for and been granted
an extension to delay the filing of its audited annual accounts by
Companies House until 30 June 2020.
Trading and COVID-19 update
Catenae's principal trading activity is providing services to
clients operating in the Facilities Management sector along with
customers, allied to football and rugby clubs, who offer local
engagement services on behalf of local authorities. All the
Company's products use Distributed Ledger Technology which provide
clients with audit trails proving that contracted services are
fulfilled. The Company's service mitigates risk as operative
activities are geo-tagged and date and time stamped in an immutable
form.
Given the Company's recent corporate restructuring, unaudited
accounts show a loss for the year to 30 September 2019 of
GBP789,565 (2018: GBP1,106,788) on turnover of GBP102,549 (2018:
GBP157,218). Further to the announcements in December 2019
regarding trading performance and working capital requirements, the
Company acknowledges that both sets of results are disappointing.
Further cost-cutting measures have been implemented.
The Company is closely monitoring the impact of the COVID-19
virus. The wellbeing and safety of our staff is of primary
importance. Catenae's workforce work remotely and the Company's
technology product continues to be used effectively with customers
and partners. This approach contributes to Company resilience in
the current circumstances.
Catenae has previously announced that Brian Thompson and John
Farthing will be appointed as directors to the Company, subject to
regulatory approvals. The Company anticipates that both these
appointments will be made soon.
Guy Meyer, Interim Chief Executive Officer, said: "Following the
corporate restructuring last year, the Board recognises that both
of the results are disappointing. However, we are pleased to report
the new short term funding. It is also encouraging in current
market conditions that the Company shortly moves into the second
year of a three-year contract with Charlton Athletic Community
Trust.
"Catenae continues to innovate its products so that following
the easing of restrictions and less economic uncertainty, the
Company will be in a better position to compete.
"The Board also looks forward to Brian and John joining the
Board in the near future adding their considerable wealth of
experience and expertise."
- Ends -
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The person who arranged for
release of this announcement on behalf of the Company was Guy
Meyer, Interim Chief Executive Officer of the Company.
For further information please contact:
Catenae Innovation PLC +44 (0)20 7929 7826
Guy Meyer, Interim Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser) +44 (0)20 7213 0880
Liam Murray
Jo Turner
Turner Pope Investments (TPI) Limited Broker +44 (0)20 3657 0050
Andrew Thacker
Zoe Alexander
Yellow Jersey PR (PR & IR) +44 (0)20 3004 9512
Sarah Hollins
Annabel Atkins
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking
statements.
The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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