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Gresham Technologies performing as planned revenues in-line with expectations

Gresham Technologies performing as planned revenues in-line with expectations

Thu 6 Dec 2018 08:03 by about : trading updates - 0 Comments - 485 words

Gresham Technologies plc (LSE: "GHT", "Gresham", "Company" or the "Group"), the leading software and services company that specialises in providing real-time data integrity and control solutions, provides the following trading update. 

The Group's legacy software businesses are performing as planned, and the Group's Australian sub-contracting business has delivered a stronger performance in the second half as expected. The new Cash Management Solutions business is performing broadly as planned, with an additional new Clareti Multi Bank client win in recent weeks, bringing the total to three since the Company's acquisition of B2 Group in July 2018.

The Company continues to see strong demand in the market for its flagship Clareti Transaction Control offering and, as noted at the time of the interim results and the October Trading Update, the ability to convert the pipeline of new opportunities in the second half of 2018 has been key, and 80% of the planned revenues for the year are now contracted. Gresham has very good visibility of a further 15% of planned revenues, based on a small number of high-value, incumbent vendor replacement software deals where Gresham has achieved preferred vendor status following successful competitive evaluations.

Subject to these software deals being contracted and recognised by 31 December 2018 as anticipated, the Group expects to close the year with continued strong Clareti growth and Group revenues broadly in-line with expectations. However, as a result of certain other high margin significant software licence deals now being delayed into 2019 and on-going investments in product innovation and business development, the Company expects Adjusted EBITDA for 2018 to be materially below current market expectations. 

In light of the complex data challenges and increasing regulatory burden faced by institutions operating in Gresham's target markets, the Board remains fully confident in the Group's prospects and its Clareti-led strategy to deliver sustainable and profitable growth over the long-term and will continue to make the appropriate investments in support of this strategy.

These articles are summaries / highlights and dont always include all financial news updates. Check at company website INVESTORS INFORMATION for full published results.

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