Cloudcall Group PLC Trading Update (7797K)
July 12 2017 - 2:00AM
UK Regulatory
TIDMCALL
RNS Number : 7797K
Cloudcall Group PLC
12 July 2017
12 July 2017
CloudCall Group plc
("CloudCall", the "Company" or the "Group")
Trading update for the six months ended 30 June 2017
-- Revenue up 40% vs H1 2016 with recurring revenue up 61%
-- Strong US growth driven by Bullhorn sales partnership
-- Q2'17 - strongest ever quarter for new orders
-- Trading in line with market expectations
-- New Barclays revolving credit facility on improved terms
-- Available cash of GBP2.8 million
CloudCall (AIM: CALL), a leading cloud-based software business
that integrates communications into Customer Relationship
Management (CRM) platforms, announces the following trading update
for the six months ended 30 June 2017:
The Company is pleased to report that trading for the period
continues to be in line with market expectations. The Group
continues to witness strong demand for its products and services
from both new and existing customers, resulting in record levels of
new user additions in the period, taking the total number of users
to 20,200, up 25% since 31 December 2016.
Revenues for the period are expected to be GBP3.2 million, an
increase of 40% against H1 2016, with recurring revenue up by 61%
compared to the same period and up by over 24% against H2 2016. The
Company continues to carefully manage operating expenses as it
works towards profitability.
Growth has been mainly driven by new Bullhorn users, a key CRM
partner, whose relationship with CloudCall continues to strengthen.
In addition, the Company's strategy to focus on acquiring larger
customers, and to expand CloudCall usage within existing customers,
continues to gather momentum. Q2 2017 was the strongest ever
quarter for new orders signed, providing strong visibility over Q3
2017's revenues and underpinning the Board's confidence in the
outlook for 2017.
Following the progress that the Company has made and reflecting
the strengthening of the relationship with its lender, Barclays,
the Company has secured a new revolving credit facility of up to
GBP1.9 million* - replacing, on better terms, the original
GBP900,000 term loan which was due for repayment in March 2018.
This, combined with cash at bank, provides the Company with
available cash of GBP2.8 million.
Simon Cleaver, CEO of CloudCall, commented:
"We are delighted to report that the strong growth in new orders
in H2 2016 has continued and, in fact, accelerated in H1 2017,
driven by significant demand for our solutions both in the UK and
the US. The dual strategy to focus both on larger customers and on
our partnership with Bullhorn is clearly delivering results for the
Group.
"These new orders are now translating through to revenue, and
our annualised run rate** broke through GBP6 million in February
and GBP7 million in June. This revenue growth, combined with the
strengthening relationship with Bullhorn, means that we are well
placed to deliver substantial operational and financial progress in
the current financial year. The pathway to EBITDA breakeven remains
clearly within our sights."
For further information, please contact:
CloudCall Group plc Tel: +44 (0)20
Simon Cleaver 3587 7188
Vigo Communications Tel: +44 (0)20
Jeremy Garcia / Ben Simons / 7830 9703
Fiona Henson
www.vigocomms.com
Cenkos Securities (Nominated Tel: +44 (0)20
Adviser and Broker) 7397 8900
Stephen Keys / Callum Davidson
/ Alex Aylen
About CloudCall Group Plc
CloudCall is a software and unified communications business that
has developed and provides a suite of cloud-based software and
telephony products and services. CloudCall's products and services
are aimed at enabling organisations to leverage their voice
communications more effectively.
The CloudCall suite of products allows companies to fully
integrate their telephony systems into their existing CRM software,
enabling calls to be made, recorded, logged and categorised from
within the customer relationship management (CRM) system with
detailed activity reports capable of being easily generated.
The Company has approximately 100 staff based predominantly in
Leicester (UK) and Boston (US). The Company currently has
approximately 850 customers, equating to just over 20,000
users.
Notes
* The new Barclays revolving credit facility (RCF) provides
borrowing facilities of up to GBP1.85 million for a 3-year term.
Interest is set at 7.45% above 3 month LIBOR rate for funds drawn.
Funds can be drawn as required by the Company, typically for fixed
periods of 3, 6 or 12 months. Interest is payable upon settlement
of each tranche drawn. The facility is secured over the assets of
the Group.
**Annualised Run Rate (sometimes referred to as Annualised
Revenue Run Rate) is a measure of the annualised monthly revenue
and is calculated as: Monthly Revenue x 12 = Annualised Run
Rate.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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