CLCO Cloudcoco Group Plc

TIDMAD4

RNS Number : 3501L

adept4 plc

21 December 2018

Adept4 plc

("Adept4", the "Group" or the "Company")

Result of Microsoft Review

On 20 September 2018 the Company announced the successful resolution of a warranty claim with the vendors of Adept4 Managed IT Limited. In assessing the level of settlement which would be acceptable to the Company, various issues were considered, including a historic licencing review of the acquired business being undertaken by Microsoft. The Company has now reached agreement with Microsoft in relation to this review, and this will result in a payment of GBP0.37 million. This liability will be included in the Group's results for the year ended 30 September 2018 which are expected to be published in February, however it will not impact the Group's Trading Group EBITDA* and there is, therefore, no change in the guidance given to the market in the Company's trading update of 16 November 2018.

*Trading Group EBITDA is measured as earnings from continuing operations before plc costs, interest, taxation, depreciation, amortisation of intangibles, separately identifiable costs and income and share based payments

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

For further information please contact:

 
Adept4 plc 
 Simon Duckworth, Non-Executive Chairman     01925 398 255 
 
 N+1 Singer (Nominated Adviser and Broker) 
 Shaun Dobson / Jen Boorer                     020 7496 3000 
 
 MXC Capital Markets LLP 
 Charlotte Stranner                            020 7965 8149 
 

About Adept4

Adept4 delivers IT as a service to small and medium sized businesses across the UK. IT as a Service (ITaaS) provides you with exactly the amount of technology and support you need in accordance with business requirements, billed on a monthly basis, based on what is consumed.

Critically we underpin this delivery method with a 24 x 7 UK response team, strategic consulting, professional services and software development to provide exactly what organisations need from IT at any given time. Whether an infrastructure is based on legacy or emerging technologies we will ensure organisations have the flexibility, agility and cost efficiencies required to run their business effectively, all through a single trusted provider.

Adept4 is a public company quoted on the AIM market of the London Stock Exchange. The Company is headquartered in Warrington, with offices in Leeds, Aberdeen, and Brighton.

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.

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