Crossrider plc Trading Update and Notice of Results (2846U)
January 17 2017 - 1:00AM
UK Regulatory
TIDMCROS
RNS Number : 2846U
Crossrider plc
17 January 2017
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014
17 January 2017
Crossrider plc
("Crossrider" or the "Company")
Trading Update and Notice of Results
Crossrider (AIM: CROS), the online distribution and digital
product company, today announces a trading update for the year
ended 31 December 2016.
The Company continues to deliver organic growth in its core
business activities, the Media and App Distribution divisions.
Crossrider's revenue for the period is expected to be c. $56.5
million and adjusted EBITDA* in the region of $6.4 million.
Crossrider's cost-reduction and re-organisation programme
announced in June 2016 is now complete and as a result, $2.0
million of annualised savings have been achieved. In addition, the
Company's cash balance as at 31 December 2016 increased to $72.1
million (2015: $71.3 million) against $70.2 million at the half
year stage
The Company is also pleased to report that DriverAgent, the PC
maintenance software product, acquired in October 2016, is now
fully integrated into Crossrider's proprietary app distribution
platform and is expected to be earnings accretive in the full first
year of ownership.
The Board believes that following the completion of the
Company's restructuring, Crossrider is now well positioned for
growth both organically and through selective acquisitions. The
Company will continue with its strategy of accelerating organic
growth, alongside identifying acquisition targets which will grow
Crossrider's distribution hub through new synergistic products,
technologies as well as expanding its customer base.
Crossrider will report its full year results for the year ended
31 December 2016 on Tuesday 14 March 2017.
Ido Erlichman, Chief Executive Officer, commented:
"I am pleased to report strong trading and healthy growth in
operational cash flow across our core divisions in a year where our
business has undergone significant strategic change. With the
restructuring now complete, the business can focus solely on
driving a number of organic growth initiatives alongside evaluating
a steady pipeline of acquisition targets.
"Following our achievements in the second half of the year, we
are confident that we will continue to deliver growing value to our
shareholders in 2017."
* Adjusted EBITDA is a non GAAP measure and a company specific
measure which excludes other operating income and expenses which
are considered to be one off and non-recurring in nature
Enquiries
Crossrider plc via Vigo Communications
Ido Erlichman, Chief Executive
Officer
Moran Laufer, Chief Financial Officer
Shore Capital (Nominated Adviser
& Broker) +44 (0)20 3772
Bidhi Bhoma / Toby Gibbs 2496
Vigo Communications (Financial
Public Relations)
Jeremy Garcia / Fiona Henson /
Antonia Pollock +44 (0)20 7830
crossrider@vigocomms.com 9700
About Crossrider
Crossrider is an online distribution and digital product
company. The Company utilises its proprietary marketing technology
platforms to prospect, optimise and monetise mobile and web media,
to create a superb user experience. The Company offers improved
retention and re-engagement rates, greatly enhancing the value of
user activity. Crossrider provides its platforms to its customers
for use with their products as well as developing and expanding its
own product portfolio. Crossrider's vision is to provide and
develop best-in-class digital products for its users globally.
www.crossrider.com
This information is provided by RNS
The company news service from the London Stock Exchange
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