SYME - Trading Update Figures (£5-8mil) Deferred to 202215 Mar 2022 08:25
Great point Guitarman.
Given the potential of the ICC linkup, our Shariah Progress and Captive Bank......how much higher could these SIGNED OFF Accounts be?? :)
Deferring the figures to make the most of the SACE initiative could be a master stroke.
While this will involve an initial delay, completion of the first White Labelling activity will open up greater access to the SYME platform for other self-funders and new revenue generation opportunities for the Group.
· A further Inventory Funder, specialising in asset evaluation, lending and disposal, which was included in SYME's previous guidance, has recently proposed to focus its first IM activities to companies in the UK market, in order to speed up the signing of the agreement between parties. In this regard, the Company and this Inventory Funder are currently negotiating a dedicated term sheet with their first IM transaction expected in 2022.
Alessandro Zamboni, Chief Executive of Supply@ME, said: "Naturally, we eagerly anticipate the completion of the first Inventory Monetisation transactions and the revenue associated with this. We are committed to providing bespoke solutions that align the requirements of our high-quality funders with our portfolio of client companies. The completion of our first monetisation and the lessons learned in its achievement will allow for a smoother process for the future as we scale up. A binding contract with the initial Inventory Funder is expected to be in place prior to 31 December 2021, with the first - inaugural - IM transaction following on from this. While expected revenues for the upcoming reporting period will be significantly different as a result, this represents a delay to our projected revenue stream, rather than lost opportunities.
"Our White Label initiative, in particular, is a complex process with many moving parts and is one, we believe, that must be focused on accuracy rather than speed. Importantly, the Board expects this first agreement to serve as a template for future White Label opportunities, paving the way for future growth, translating into greater value for our shareholders and confirming our multi-business line FinTech strategy".
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