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Accumuli PLC  -  ACM   

Trading Update & Notice of Interim Results

Released 07:00 09-Oct-2013

RNS Number : 0470Q
Accumuli PLC
09 October 2013
 



9 October 2013

 

 

ACCUMULI PLC

("Accumuli" or "the Company" or "the Group")

 

Trading Update and Notice of Interim Results

 

Accumuli, the independent specialist in IT security, is pleased to issue the following trading update in advance of its interim results:

 

·      The Board is pleased to report that trading for the six months ended 30 September 2013 is in line with management expectations.

·      Progress is being made in integrating Signify Solutions Limited ("Signify"), acquired in June 2013, into the Group.  Specifically, the Group has been looking to leverage cross selling opportunities within the Accumuli portfolio across the Signify customer and reseller base. Whilst it remains early days, traction is already being made with this process in terms of potential pipeline.  Signify has also improved the visibility of the Group's gross profit with approximately 60% deriving from recurring revenues, as compared to approximately 51% pre the acquisition of Signify.

·      The senior management team has been strengthened with the appointment of Andrew Cooke as Operations Director of Accumuli Security.  Andrew has a background of over 20 years in Operational IT management with particular focus on service delivery of managed services, and most recently fulfilled the same role for a managed security services business.

·      Demand for the Group's professional services resource remains firm, particularly with regard to Security Information & Event Management.

·      The Group continues to achieve strong cash generation.  Cash balances at the period end were £3.6m (March 2013: £7.2m), with a further £0.6m due in February upon the anniversary of the Webscreen sale.  During the period a cash payment of £1.25m was made to the vendors of EdgeSeven, Signify was acquired for net cash consideration of £2.6m and a maiden dividend of £0.6m was paid.

 

The Group expects to announce interim results for the six months ended 30 September 2013 on 19th November 2013.

 

Nick Kingsbury, Chairman, commented:

 

"We continue to make good progress as a business to achieve our objective of becoming the UK's leading independent specialist in IT Security.

 

"Signify is proving to be an excellent acquisition at a very good price, expanding our customer base, adding further strong technical skills and product offerings and increasing our revenue visibility.

 

"Historically the second half of our financial year has been stronger than our first half, and the Company continues to trade in line with management expectations. We remain clear that through the successful execution of our stated growth strategy, we will continue to deliver value for shareholders and meet our customers' needs."

 

 

For further information, please contact:

 

Accumuli plc

Tel: +44 (0)845 678 8450

Gavin Lyons, CEO

Ian Winn, Finance Director

finnCap

Charlotte Stranner/Christopher Raggett

(Corporate Finance)

Tel: +44 (0)20 7220 0500

Victoria Bates (Corporate Broking)

MXC Capital Advisory LLP

Tel: +44 (0)20 7801 9596

Marc Young

Newgate Threadneedle

Tel: +44 (0)20 7653 9850

Josh Royston

Hilary Millar

Jasper Randall

                                                                                                                                                                                                

About Accumuli

 

Accumuli is a leading, rapidly growing, UK-based independent specialist in IT Security.

 

Accumuli specialises in value-added solutions and services to help organisations secure their business against the ever-increasing threat landscape. Accumuli's solutions and services secure IT infrastructure, remove complexity of security management, provide real time security intelligence and reduce total cost of implementation and on-going management. Accumuli achieves this through a combination of Technology, Professional and Managed Services, underpinned by its highly experienced, highly skilled employees.

 

Accumuli's global customer base consists of companies of all sizes across an expanding range of industry sectors, including financial services, utilities, telecommunications, manufacturing and government.

 

Accumuli is a public company quoted on the AIM market of the London Stock Exchange with offices in Basingstoke, Cambridge and Leeds. For more information visit www.accumuli.com.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Trading Update & Notice of Interim Results - RNS