9 Oct 2009 07:00
9 October 2009
Imaginatik plc
("Imaginatik" or the "Company")
Trading Update and Directorate Change
Imaginatik plc (AIM:IMTK), a provider of enterprise collaborative software and processes, is pleased to give an update on trading for the 6 month period ended 30 September 2009, and announces the appointment of Matthew Cooper as Chairman of the Board.
Trading in the first half of the year finished with a strong second quarter in which the Company secured several significant contract wins. The £1.6m of new funds raised by way of a placing of new shares in August 2009 have allowed the Company to continue its investment in sales and marketing operations, providing a foundation for growth. This increased investment, combined with the strength of recurring revenue and cyclical new business generation in the second half of the year, means that trading is proceeding in line with market expectations for the full year. As announced at the time of the Company's AGM in July 2009, the Board expects to report a loss for the six months to 30 September 2009.
The Board remains confident of a successful outcome to the year as a whole.
Imaginatik is also pleased to announce the appointment, with immediate effect, of Matthew Jonathan Cooper as Non-executive Chairman of the Board, replacing Howard Marshall who retires from the Board today following three years with the Company.
Howard Marshall, outgoing Chairman of Imaginatik, commented, "During my three years with Imaginatik the business has taken significant strides in its development. With a supportive client base including some of the world's largest organisations and a market leading position I believe Imaginatik is well placed to continue with its strong growth and deliver increased shareholder value in the coming years. It has been my pleasure to nurture the Company during this time. I am now pleased to pass on the baton to a new Chairman with an excellent record in growing companies and with the skills and ambition to help Imaginatik fulfill its growth potential."
Matt Cooper (42), a graduate of Princeton University and an American national, is an experienced public company director and investor. He has been the Chairman of Octopus Capital Limited since 2002 and is currently a non-executive director of a number of VCTs and private companies. Prior to joining Octopus, Matthew was the Principal Managing Director of Capital One Bank (Europe) plc where he was responsible for all aspects of the company's strategic direction and day-to-day operations in Europe. He led the UK portion of the business from start-up to 2 million customers, generating annual revenues of over £275 million and employing over 2,000 people.
Mr. Cooper is interested in 478,588 Ordinary Shares of 0.0625 pence each in the Company, representing 0.3% of the issued share capital of Imaginatik.
Matt Cooper, incoming Chairman of Imaginatik, commented, "Imaginatik has an exciting opportunity ahead of it. The Company's unique experience and insight into corporate collaboration has the potential to enable the solving of complex and significant problems; driving forward innovation and change at a rate previously unachievable without the assistance of technology. With a significant pipeline of opportunities and a strong recurring revenue base, Imaginatik is well positioned to capitalise on this opportunity and I am delighted to be able to assist Mark and the team in this task in the years ahead."
Mark Turrell, CEO of Imaginatik, added, "We are delighted to welcome Matt onto the Board of Imaginatik. His experience in high growth international business and capital markets will be of great value to us as we continue the development of the Company.
"We would like to take this opportunity to thank Howard for his contribution to the growth of the Company to date; his assistance throughout the time of the IPO and our first years as a public company was invaluable. I am delighted that Howard has agreed to join the Imaginatik Advisory Board, a body of senior industry individuals who informally advise the Company and we therefore look forward to his continued participation in Imaginatik's growth."
Matt Cooper is a director or partner of the following companies and partnerships and has been a director or partner of the following companies and partnerships during the preceding 5 years: -
| Current Directorships and Partnerships | Past Directorships and Partnerships |
| Octopus Capital Limited | TDX Limited |
| Octopus Investments Limited | Axiant (USA) |
| Octopus Phoenix VCT Plc | Online All-Stars Limited (in liquidation) |
| Octopus Eclipse VCT Plc | Sadlers Wells Trust Limited |
| Octopus Eclipse VCT 2 Plc | Sadlers Wells Limited |
| Octopus Eclipse VCT 3 Plc | New Sadlers Wells Limited |
| Octopus Eclipse VCT 4 Plc | Sadler's Wells Development Trust |
| Octopus Apollo VCT 1 Plc | Whiteground Limited |
| Octopus Apollo VCT 2 Plc | Carbon Search Limited |
| Octopus Protected VCT Plc | TDX Group Limited |
| Octopus Titan VCT 1 Plc | Activ8 Intelligence Limited |
| Octopus Titan VCT 2 Plc | |
| Mental Health Foundation | |
| Global Collect (Netherlands) | |
| 10Duke Software Limited | |
| MyDish Limited | |
| Perfect Pizza Ltd | |
| The Core Business Plc |
Mr Cooper was a non-executive director of Online All-Stars Limited from 1 April 2008 until 13 August 2008. On Line All-Stars was wound up on 13 November 2008.
No further information is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies.
For further information please contact:
| Imaginatik plc | Tel: 020 7917 2975 |
| Mark Turrell, CEO / Shawn Taylor, CFO | |
| Arbuthnot Securities Limited | Tel: 020 7012 2000 |
| Tom Griffiths | |
| ICIS | Tel: 020 7651 8688 |
| Caroline Evans-Jones / Hilary Millar |
About Imaginatik
Imaginatik is the leading provider of Innovation Management and Collective Intelligence solutions. Some of the world's leading companies use the Company's Idea Central software platform to identify and develop the important ideas and strategies that will drive the future of their business. For more than 10 years, Imaginatik has helped customers including CSC, Pfizer, Boeing, Chubb and Cargill achieve outstanding results with the experience of its consulting team and highly configurable web-based software.
Imaginatik is a public company traded on the London Stock Exchange [LSE:IMTK.L] and a World Economic Forum Technology Pioneer with offices in Boston, MA, and London, UK. Imaginatik is committed to ongoing research into the nature of human networks, innovation and collective intelligence. The Company collaborates with several academic institutions including the IXL Center at Hult International Business School.
For further information please visit http://www.imaginatik.com