Vipera PLC Trading Update (8590X)
February 27 2017 - 1:01AM
UK Regulatory
TIDMVIP
RNS Number : 8590X
Vipera PLC
27 February 2017
27 February 2017
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
VIPERA PLC
("Vipera" or the "Group" or the "Company")
Trading update
Vipera (AIM:VIP), the specialist provider of mobile financial
services, is pleased to announce a trading update in respect of the
year ended 31 December 2016.
Group revenues for the year increased 16% to EUR7.9 million
(2015: EUR6.8 million), following a strong second half performance.
Growth was strong in both product related revenues and consulting,
with both showing a 17% increase on the prior year, driven
particularly by increased business from core customers. Support and
maintenance revenue continues to accumulate and represented 12% of
the group's revenue in 2017.
Operating losses before provisions were in line with market
expectations. In addition, as announced on 29 December 2015, the
Company acquired an additional stake in Codd&Date. This was
driven by the continued addition of new customers and projects,
necessitating an increasingly smooth delivery of an increasing
number of customer deployments and greater efficiencies within the
Group. This Group reorganisation is expected to impact the
valuation of the goodwill attached to the Company's subsidiary
operations, and although it will be provided for, there is will be
no cash impact.
Net cash as at 31 December 2016 was EUR1.5 million, which is
slightly below expectations and reflects trade receivables being
higher at the year-end than projected. Since the year-end, the
trade receivable balance has normalised and the Group remains well
funded to continue investment in product development and to support
the working capital needs of the Group through to cash flow
profitability.
As mentioned above, the majority of the Group's revenues growth
came from deepening relationships with existing clients; however
the Group has continued to win new custoemers and has a strong
pipeline of new business, both through direct sales and channel
partners. In 2017 growth is expected to be driven by a continued
deepening of client relationships, together with the benefits from
new customer wins. The Board continues to look forward to 2017 and
beyond with great confidence, as Group continues to refine its
customer proposition within the evolving and growing mobile
financial services market.
The Directors intend to announce the Company's financial results
for the year ended 31 December 2016 in early May 2017.
Contact:
Vipera PLC
Marco Casartelli (CEO) Tel: +39 02 8688
Martin Perrin (CFO) 2037
Tel: +44 (0) 20
7193 0833
finnCap Ltd (Nomad and Broker) Tel: +44 (0) 20
Adrian Hargrave / Anthony Adams 7220 0500
(Corporate Finance)
Christian Hobart (Corporate
Broking)
IFC Advisory Ltd (Financial Tel: +44 (0) 207
PR and IR) 652 9788
Tim Metcalfe
Heather Armstrong
Graham Herring
About Vipera:
Vipera Plc (AIM:VIP) a cutting edge Mobile Financial Services
and Digital Customer Engagement Solutions provider, serves
financial institutions and retailers worldwide with differentiated
mobile banking, card management and customer engagement
capabilities based around its proprietary bank grade multi-purpose
platform, Motif. Additionally, it provides consultancy and other
services to banks and financial institutions. For further
information, please visit www.vipera.com
This information is provided by RNS
The company news service from the London Stock Exchange
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