BNN Technology PLC Statement re share price movement & Trading Update (6719B)
April 05 2017 - 5:28AM
UK Regulatory
TIDMBNN
RNS Number : 6719B
BNN Technology PLC
05 April 2017
5 APRIL 2017
BNN Technology PLC
Statement re share price movement and Trading Update
The Board of BNN Technology (AIM: BNN), a London-listed Chinese
technology, content and services company has noted the share price
reaction over the past week and is not aware of any reason for
today's share price movement.
Trading Update
Gross Transaction Volumes (GTV) through the company's platform
have continued to progress well in recent weeks. Gross transaction
volume has grown by 46% to over GBP400 million in the three months
to March 2017, following GBP273 million in the three months to
December 2016.
The company's financial results for the 12 months ended 31
December 2016 are scheduled to be released by the end of next
week.
The company's NASDAQ listing process is also progressing, as
previously announced. We are working towards completing the listing
in Q3 2017.
Supported by the launch of the recently announced motorist
platform, which we expect will generate revenues in H1, we continue
to expect significant revenue growth for the Group in the current
year. Since the initial announcement, we have added a second major
fuel retailer to the motorist platform, in addition to the
market-leading operator already reported.
The company continues to operate with a strong and healthy
balance sheet, and began the calendar year with approximately GBP28
million of cash and cash equivalents.
For further information, please contact:
BNN Technology plc +44 (0) 1565 872990
Darren Mercer, Chief Executive
Scott Kennedy, Chief Financial
Officer
Stephen Benzikie, Communications
+44 (0) 20 7404
Brunswick Group (Public Relations) 5959
Brian Buckley / Diana Vaughton
Strand Hanson Limited (Nominated +44 (0) 20 7409
& Financial Adviser) 3494
Andrew Emmott / Ritchie Balmer
Mirabaud Securities LLP (Broker) +44 (0) 20 7878
Peter Krens 3362
About the Group
BNN Technology plc is a Chinese technology, content and services
company that builds long-term partnerships to deliver China's
citizens with value-added services, content and evolving
opportunities.
Listed on AIM since 2014 the Group principally engages in
providing technology to partners to facilitate fulfilment of
payments online and on mobile apps through partnerships or
affiliate agreements with corporate and key government partners,
and, developing digital content, both online and mobile. Through
its partnership with Xinhuatong and NewNet, BNN facilitates mobile
payments, through its technology platform, on the Xinhua News
mobile app in 12 provinces in China. The Chinese consumer shift to
'life on mobile' is only just beginning and BNN's platform
technology enables urban and rural communities across China to
access exclusive content and pay for more services online.
The Group employs nearly 300 professionals throughout China.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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