Cerillion FY results seen in line with expectations

(Sharecast News) - Software solutions provider Cerillion said on Monday that full-year results are set to be in line with market expectations.
In an update for the year to the end of September 2019, the company said revenues are expected to rise 8% to around £18.7m, while adjusted earnings before interest, taxes, depreciation and amortisation are expected to be 14% higher at £4.5m.

Net cash is expected to stand at approximately £5m versus £2.5m the year before, which is ahead of market forecasts.

Cerillion said that as anticipated at the interim results in May, trading has been significantly second-half weighted this year due to the timing of contract closures. The second half of the year saw Cerillion sign three major contracts, with these new wins continuing the trend towards larger deal sizes, it said.

Over the year, major new contracts were secured from all the company's key international geographies, Europe, the Americas and Asia-Pacific.

"This good progress, together with an encouraging pipeline of further business opportunities, has set a strong foundation for continuing progress in the new financial year," it said.

At 0910 GMT, the shares were down 1.9% at 185p.