FreeAgent Holdings PLC Trading Statement (8640J)
05 Abril 2018 - 3:00AM
UK Regulatory
TIDMFREE
RNS Number : 8640J
FreeAgent Holdings PLC
05 April 2018
5 April 2018
FreeAgent Holdings plc
("FreeAgent", the "Company" or the "Group")
Trading Update
FreeAgent Holdings plc, a provider of cloud-based
Software-as-a-Service ("SaaS") accounting software solutions and
mobile applications designed specifically for UK micro-businesses,
today provides the following trading update for the year ended 31
March 2018.
For the full year ended 31 March 2018, the Board expects to
report revenue of GBP9.8 million and Annualised Committed Monthly
Recurring Revenue ("ACMRR") of GBP10.1 million in line with our
expectations. Period end net cash was approximately GBP2.3
million.
Ed Molyneux, Group CEO, commented:
"Overall progress has been strong, particularly in our Banking
channel, despite headwinds in the practice channel - courtesy of
the turmoil surrounding the IR35 changes. The RBS partnership has
continued to prosper and we were pleased on 27 March to announce
the terms of a recommended cash offer for FreeAgent by a
wholly-owned indirect subsidiary of RBS at a price of 120 pence per
share. Formal offer documentation is expected to be despatched to
FreeAgent shareholders shortly and in any event on or before 24
April."
For further information please contact:
FreeAgent Holdings plc via FTI Consulting,
LLP
Ed Molyneux, CEO
Katherine Tenner, CFO
+44 (0) 207 496
N+1 Singer 3000
Sandy Fraser, Jen Boorer (Corporate
Finance)
+44 (0) 203 727
FTI Consulting, LLP 1000
Matt Dixon, Emma Hall
FreeAgent@fticonsulting.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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April 05, 2018 02:00 ET (06:00 GMT)
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