Crossrider plc Trading Update and Notice of Results (9385B)
January 16 2018 - 1:00AM
UK Regulatory
TIDMCROS
RNS Number : 9385B
Crossrider plc
16 January 2018
16 January 2018
Crossrider plc
("Crossrider," the "Company" or the "Group")
Trading Update and Notice of Results
Strong underlying Adjusted EBITDA(1) growth of c.154% and
trading in-line with market expectations
Crossrider (AIM: CROS), the consumer security software business,
provides an update on trading for the year ended 31 December
2017.
The Company is pleased to report that trading is in-line with
expectations following Crossrider's successful execution against
its growth strategy, evolving into a consumer SaaS-focused
cybersecurity provider.
Revenues are expected to be in the region of $65.8 million
(2016: $56.5 million), representing growth of c. 16% and Adjusted
EBITDA for the year is expected to be c. $8.3 million (2016: $6.4
million), representing growth of c. 29%.
Strong underlying Adjusted EBITDA growth of c.154%, from core
activities, excluding the discontinued Web Apps and License
division(2) , highlights the Group's organic growth and
increasingly expansive international customer base for its core
software solutions.
The Company's balance sheet is strong with a cash balance at
year-end of $69.4 million after $7.7 million of acquisition related
payments (31 December 2016: $72.1 million).
Crossrider continues to execute on its stated strategy to focus
on expanding its SaaS operating business model, as evidenced by an
increase in deferred income of c. 70% in December 2017 to $3.9
million (June 2017: $2.3 million). This is central to the Group
generating high quality recurring revenue streams.
CyberGhost S.A. ("CyberGhost"), Crossrider's online privacy
solution, has performed ahead of management's expectations both in
revenues and profitability following its highly successful
integration. This strong performance has accelerated in the second
half of 2017, with the continued leveraging of Crossrider's
expertise and technology in user acquisition.
The Company will report its results for the year ended 31
December 2017 in March 2018.
The board is confident in delivering year-on-year growth in
2018, in-line with market expectations.
Ido Erlichman, Chief Executive of Crossrider, commented:
"2017 was a pivotal year in the development of Crossrider,
having continued to execute on our stated strategy, resulting in
strong financial growth across all key financial metrics as well as
successful broadening of our operational reach.
"Having delivered strong growth both organically and through
acquisition, we expect to deliver further progress in 2018
underpinned by expanding our customer base and increasing
cross-selling activities as well as further potential
acquisitions."
(1) 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.
(2) The Adjusted EBITDA attributable to the Web apps and license
division for 2017 is $2.1 million, (2016: $4.0 million); this
division has been discontinued as of September 2017. Underlying
Adjusted EBITDA from core activities, excluding the discontinued
Web Apps and License division for 2017 is $6.1 million (2016: $2.4
million).
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
Toby Gibbs / Dru Danford 2496
Vigo Communications (Financial
Public Relations) +44 (0)20 7830
Jeremy Garcia / Antonia Pollock 9700
About Crossrider
Crossrider (LSE: CROS) distributes and develops digital products
in the online security space. The Company utilises its proprietary
digital distribution technology to optimise its reach and create a
superb user experience. The Company offers products which provide
online security, privacy and optimal online experience.
Crossrider's vision is to provide and develop best-in-class digital
products for its customers and partners globally.
www.crossrider.com
This information is provided by RNS
The company news service from the London Stock Exchange
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January 16, 2018 02:00 ET (07:00 GMT)
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