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Trading statements

Gresham revenues up 26%

05 July 2017 07:42

Gresham Technologies expects first half revenues to be up 26% on last time with growth driven by its flagship Clareti Transaction Control offering.

A trading update said that total Clareti revenues would be up 52% including the contribution from C24 Technologies Ltd acquired in October 2016 (35% excluding C24).

It said Clareti software revenues would be up 136% (101% excluding C24).

And it said adjusted EBITDA would be strongly ahead of the same period in 2016 and remains in line with management expectations for the year.

The update continued: "Net cash at 30 June 2017 was £7.7m (30 June 2016: £3.9m) including a material one-off working capital difference (£1.7m), term deposits (£0.6m) and the expected deferred consideration payable in October 2017 and April 2018 for the acquisition of C24 (up to £1.1m)."

It said that during the first half of 2017, the group signed eight new CTC clients across various industry segments in the US, Canada, Europe and Asia Pacific.

It said two clients chose to deploy CTC into the cloud with Clareti-as-a-Service.

In addition, there were five Clareti 24 Integration Objects sales and two Clareti Analytics sales in the first six months of the year.

It said the group was trading in line with market expectations and management remained confident in the full year outlook.

Chief executive Ian Manocha said: "Clareti licence sales continue to drive the Group forward. We signed eight new Clareti Transaction Control customers in the first half, including three wins in North America.

"It was particularly pleasing to close several legacy competitor replacement wins alongside new data integrity projects. "The Group's ongoing commitment to innovation and rapid customer success, and our focused direct sales channel, is reaping rewards. We enter the second half with a clear plan and good momentum."

Story provided by StockMarketWire.com

Related Company: GHT

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