FreeAgent Holdings PLC Trading Statement (1272T)
October 10 2017 - 1:00AM
UK Regulatory
TIDMFREE
RNS Number : 1272T
FreeAgent Holdings PLC
10 October 2017
10(th) October 2017
FreeAgent Holdings plc
("FreeAgent", the "Company" or the "Group")
Interim period-end trading update
FreeAgent Holdings plc, a provider of cloud-based
Software-as-a-Service ("SaaS") accounting software solutions and
mobile applications designed specifically for UK micro-businesses,
today provides the following trading update for the six months
ended 30(th) September 2017, in advance of its half-year results
announcement scheduled for 5(th) December 2017.
For the six months ended 30(th) September 2017, the Board
expects to report revenue (GBP4.6m) and adjusted EBITDA loss
(GBP0.4m), broadly in line with our expectations and with the
expected out-turn for the year as a whole. Period end net cash was
approximately GBP3.4m, comfortably ahead of internal forecasts; and
gross profit margin remained strong at 80%. Revenues for the year
as a whole will include a higher contribution from consultancy fees
as the Group's strategic partnership with the Royal Bank of
Scotland Group continues to trigger substantial reimbursed
development spend for FreeAgent.
Ed Molyneux, Group CEO, commented:
"FreeAgent is pleased to report continued strong revenue growth
with an evolving channel mix. We enjoyed continued growth in our
direct channel and progress in our relationship with the Royal Bank
of Scotland Group - which has strengthened further - whilst
practice sales growth was tempered following changes to IR35
'off-payroll' legislation affecting public sector contractors. With
RBS, revenue from integration activities has stepped up, and as the
period ended we started to see the first signs of our combined
investment in this channel translating into accelerating licence
growth."
For further information please contact:
FreeAgent Holdings plc via FTI Consulting,
LLP
Ed Molyneux, CEO
Guy Mitchell, Interim
FD
+44 (0) 207
N+1 Singer 496 3000
Sandy Fraser, James Hopton
(Corporate Finance)
+44 (0) 203
FTI Consulting, LLP 727 1000
Matt Dixon, Jamie Ricketts,
Emma Appleton
freeagent@fticonsulting.com
This information is provided by RNS
The company news service from the London Stock Exchange
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