TIDMKBT

RNS Number : 6019K

K3 Business Technology Group PLC

17 December 2018

AIM: KBT

K3 BUSINESS TECHNOLOGY GROUP PLC

("K3" or "the Group" or "the Company")

Trading Update

K3, which provides mission--critical business software, cloud solutions and managed services to the retail, manufacturing and distribution sectors, is pleased to provide an update on trading for the financial year to 30 November 2018.

The benefits of the changes made to reposition the Group for a return to profitable growth continue to flow through. Trading in the second half of the financial year has been encouraging and the Board expects to report full year results that are slightly ahead of market expectations. This includes a reduction in the Group's net debt position at the year end to approximately GBP0.7m (30 November 2017: net debt of GBP4.3m). This improvement reflects the reduced cost base and better working capital management.

K3 is focused on increasing sales of its own IP, and new business wins for K3 fashion (formerly "ax l is fashion") continue to be at encouraging levels. These included major agreements with Oberalp Group, the European sports clothing and equipment manufacturer and retailer, and Columbia Sportswear, the US-based manufacturer and distributor of outdoor apparel and products.

We are excited about the future for K3 Imagine, the class-leading cloud native product that offers customers a scalable platform and easy-to-integrate point solutions. K3 Imagine is a cornerstone in K3's strategic transition to an IP-led organisation and has continued to gain traction, with several projects now underway both with existing and new customers.

The Board continues to view prospects for progress positively and will provide a further update on trading with final results, which are expected to be issued in mid-March 2019

Enquiries:

 
 K3 Business Technology   Adalsteinn Valdimarsson     T: 020 3178 6378 
  Group plc                (CEO)                       (today) 
 www.k3btg.com            Robert Price (CFO)          Thereafter: 0161 
                                                       876 4498 
 finnCap Limited          Julian Blunt / James        T: 020 7220 0500 
                           Thompson 
 (Nominated Adviser and   Camille Gochez (Corporate 
  Broker)                  broking) 
 
 KTZ Communications       Katie Tzouliadis /          T: 020 3178 6378 
                           Emma Pearson / Dan 
                           Mahoney

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