.23 Aug 2018 08:06
Stellar update imo - back into the 20s?
Trading Highlights
· Group turnover to exceed market expectations of £4.1 million
· Significant progress with Academy 21 acquired in December 2017 which is now integrated into the Group
· Underlying profit and loss expected to be in line with market expectations
· Cash balances remain substantial and in excess of £4 million
· Nigerian subsidiary established
· Chinese joint venture in final stages of negotiation with first sales expected in September 2018
· Board pleased with progress made in 2017/18 and foundations built for further growth
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Financial matters
Group turnover will exceed market expectations of £4.1 million for the year to 31 August 2018 (2016/17 £2.4 million) representing growth of at least 70% year on year including the contribution of Academy 21 which was acquired in December 2017. As a result of the integration of Academy 21 into the Group, its results will in future be reported as part of the Group B2B results but management estimates that it increased turnover by at least 25% and profits by at least 100% over the corresponding period of 2016/17. As previously reported growth in the original InterHigh business ran at about 20% during the year and is expected to accelerate again in 2018/19.