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Company MoPowered Group PLC
TIDM MPOW
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AGM Statement

Released 07:00 06-Jun-2014
Number 9890I07

RNS Number : 9890I
MoPowered Group PLC
06 June 2014
 



For immediate release

6 June 2014

 

MOPOWERED GROUP PLC

("MoPowered" or "the Group")

AGM Statement

MoPowered (AIM: MPOW), the mobile commerce specialist, will today hold its AGM at 11.00am at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. Mike Hughes, the Chairman of MoPowered, will make the following statement on the Group's current trading and outlook:

In its first year as a public company following the successful IPO in December 2013, MoPowered had a strong first quarter and trading remains in line with plans for 2014 and we are confident in the Group's prospects.

At the time of the IPO we raised £2.9 million net of costs which gave us appropriate funding to invest in our business and strengthen our capabilities, as well as the scope to continue to address the significant market opportunity in mobile commerce during the first half of 2014. To this end we continue to improve and increase the Group's sales and marketing reach. This investment has resulted in our ongoing growth and our expansion to well over 100 active clients, including previously announced wins this year such as Atterley Road and Romans Original.  Retailers have continued to be attracted to MoPowered and in recent days, the top-end beauty brand, Urban Retreat, and one of the largest online fishing equipment retailers, Tackle Discounts, have chosen to sign with the Group to provide their customers best-in-breed mobile-friendly websites.

As part of our plans to support our ambitious growth trajectory, we have recently made a number of key senior hires in the sales team. These include a Head of Account Management; a Channel Manager with experience of developing relationships with companies like PayPal and Magento; and a Senior Sales Engineer with strong mobile experience.  The recruitment market for talented technical and commercial resources remains highly competitive so we are pleased to continue to attract new talent to MoPowered.

Additionally we continue to make improvements in the underlying technologies within our Software-as-a-Service platform that will further improve the customer experience and performance of MoPowered's mobile websites and apps, thereby strengthening our proposition.  The uptake on MoPowered Professional, which was recently launched, has been encouraging so far.

The market is developing rapidly and the Group is constantly evaluating new opportunities to generate additional value from its intellectual property and its platform.  New products in development and ongoing partnership activities will allow us to target new customer segments and enter attractive international markets.

Ends

 

For further information;

MoPowered:

020 3242 0515

Dominic Keen

 

Ben Carswell

 

 

 

N+1 Singer:

020 7496 3000

  Gillian Martin

Shaun Dobson

 

 

 

  Buchanan:

020 7466 5000

  Charles Ryland

 

  Sophie McNulty

 

  Clare Akhurst


 

NOTES TO EDITORS

MoPowered is a 'Software-as-a-Service' ('SaaS') platform, launched in March 2012, which works with businesses of all sizes, to automate websites and enable mobile commerce. Key distribution partnerships with PayPal, WorldPay and MasterCard enable the Group to access the majority of UK merchants.

The software platform allows automated development of mobile sites rather than custom deployment with the corresponding time and cost advantages. The commercial model is predominantly based on long-term contracted, recurrent revenues.

MoPowered is well positioned to capitalise on the new types of shopping opportunities created by mobile devices.  Retailers face significant challenges and are therefore outsourcing to expert mobile partners such as MoPowered.  Management believes that half of the e-commerce market has online sales of less than £20m per annum and SaaS solutions are likely to be the best economic alternative for these merchants.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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AGM Statement - RNS