K3 Business Technology Group PLC Trading Update (2008F)
May 16 2017 - 2:01AM
UK Regulatory
TIDMKBT
RNS Number : 2008F
K3 Business Technology Group PLC
16 May 2017
16 May 2017
AIM: KBT
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014
K3 Business Technology Group plc
("K3", "the Company" or "Group")
Trading update
K3, which provides mission critical software, cloud solutions
and managed services to the retail, manufacturing and distribution
sectors, provides the following update on current trading.
As previously reported, half year results were impacted by
Enterprise contract slippages and, although the Company has seen
some major deals close, certain large Enterprise contracts have not
been secured as expected. As a result, despite the high seasonality
inherent in Q4 trading, the Board now believes that the results for
the year to 30 June 2017 will be significantly below current market
expectations. Nonetheless, the Group's operations elsewhere are
seeing encouraging progress and healthy cashflows. Furthermore, the
Company has secured pilot customers for its new cloud-based modular
technologies which will generate opportunities for both new and
existing customers.
Given trading conditions and the Group's performance to date,
the Board has started a review of the Company's resources with the
intention of refocusing the growth strategy around the cash
generating business units and the large installed customer base. A
further update on this will be provided in due course.
Enquiries:
K3 Business Technology Adalsteinn Valdimarsson, T: 0161 876 4498
Group plc CEO
Rob Price, CFO
finnCap Limited Julian Blunt/James T: 020 7220 0500
(NOMAD & Broker) Thompson
KTZ Communications Katie Tzouliadis/Emma T: 020 3178 6378
Pearson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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