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Alliance News


"Robust" Kape Technologies, Formerly Crossrider, Pays Special Dividend

Tue, 13th Mar 2018 12:37


LONDON (Alliance News) - Security software firm Kape Technologies PLC declared on Tuesday a special payout to shareholders after "robust" performance in 2017, with its loss narrowing significantly.

Kape is paying a special dividend of 4.93 US cents per share, having not returned any cash to shareholders in 2016.

Kape, which was known as Crossrider PLC until Wednesday last week, posted a pretax loss for 2017 of USD2.9 million, far smaller than the USD10.0 million it booked in 2016.

Adjusted earnings before interest, tax, depreciation, and amortisation came in at USD8.3 million, up from 2016's USD6.4 million, with revenue increasing 17% to USD66.4 million.

Revenue growth was driven by the performance of its core App Distribution and Media divisions, which was partially offset by the winding down of Kape's Web Apps & License business.

Kape said it remains a "highly" cash generative business, with cash of USD69.5 million at the end of 2017, compared to USD72.1 million a year earlier, and it carries no debt.

During 2017 the company acquired CyberGhost SA, a software-as-a-service cyber security provider, and the integration of this is now complete. Further, Kape said, the business has beaten expectations since the takeover.

In terms of key performance indicators, paying users rose to 887,000 in 2017 from 734,000 in 2016. Premium subscriptions rose to 260,000 from 143,000, the retention rate was flat year-on-year at 69%, and deferred income rose to USD4.0 million from USD2.2 million.

Revenue from App Distribution increased to USD48.2 million from USD38.2 million, and the figure in the Media business was USD15.8 million, up from USD13.8 million. Web Apps & License revenue halved to USD2.4 million from USD4.5 million.

Looking ahead, Kape said it is confident on delivering year-on-year growth going into 2018.

Chief Executive Ido Erlichman said: "With strong growth in revenue and adjusted Ebitda, 2017 has been a successful year, in which we have achieved key milestones in becoming a leading provider of consumer cybersecurity products.

"The successful integration and subsequent strong performance of CyberGhost is evidence of our ability to acquire and integrate businesses into the Kape platform, driving growth through our existing digital marketing technology. We continue to evaluate selective acquisitions to expand our product offering and broaden our reach in the growing market of security and privacy online."

Erlichman added: "We have made a strong start to 2018, with a solid performance across our core product stack. Following the recent rebranding of the group, we look forward to driving Kape forward and continuing to deliver shareholder value."

Shares were up 1.1% on Tuesday at 77.38p each.

By George Collard; georgecollard@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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