K3 Business Technology Group PLC Trading Update (3725X)
20 Dezembro 2023 - 4:00AM
UK Regulatory
TIDMKBT
RNS Number : 3725X
K3 Business Technology Group PLC
20 December 2023
AIM: KBT
K3 BUSINESS TECHNOLOGY GROUP PLC
("K3" or "the Group" or "the Company")
Provider of business-critical software solutions focused on
fashion and apparel brands.
Trading Update
K3, which provides business--critical software solutions focused
on fashion and apparel brands, is pleased to announce an update on
trading for the financial year ended 30 November 2023.
Adjusted operating profit* for the year is expected to be at
least in line with market expectations, and the Group is expected
to have closed the financial year-end with cash balances at
GBP8.3m, which is ahead of market expectations. These results are
despite the ongoing lower demand and activity in Global Accounts,
as previously reported .
The Group's profit and cash generation is traditionally stronger
in the second half of the financial year, benefiting from software
licence and maintenance and support contract renewals, particularly
at NexSys, where renewals were c.98%, which is in line with prior
years (2022: 98%). Cash generation also benefited from greater
discipline on costs and investing activities, although flows in the
second half were reduced by cash restructuring costs.
The Group's flagship K3 Fashion product set delivered over 25%
growth in annualised recurring revenue on a constant currency
basis.
The Board remains committed to ongoing operational
simplification, and the leadership and operational changes, put in
place in the final quarter of the financial year, are enabling
greater cost discipline. The delegation of responsibility to the
leadership teams will also better capture the growth opportunities
within each business unit, which should ultimately lead to greater
shareholder returns.
Final results for FY23 are expected to be published towards the
end of March 2024.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Broker
has changed its name to Cavendish Capital Markets Limited following
the completion of its corporate merger.
*Adjusted operating profit is calculated before amortisation of
acquired intangible assets, exceptional reorganisation costs and
share based payment charges.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
Enquiries:
K3 Business Technology Tom Crawford, Executive c/o KTZ Communications
Group plc Chairman
www.k3btg.com Eric Dodd, Chief Financial T: 020 3178 6378
Officer
Cavendish Capital Markets Julian Blunt, Dan Hodkinson T: 020 7220 0500
(NOMAD & Broker) (Corporate Finance)
Sunila De Silva (Corporate
Broking)
KTZ Communications Katie Tzouliadis/ Robert T: 020 3178 6378
Morton
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END
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(END) Dow Jones Newswires
December 20, 2023 02:00 ET (07:00 GMT)
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