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Acuity RM Group Plc - Year end UpdateAcuity RM Group Plc - Year end Update
PR Newswire
LONDON, United Kingdom, January 17
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Acuity RM Group plc
("Group")
Year end Update and Contract win
Acuity RM Group plc (AIM: ACRM), the software group, which supplies the award-winning STREAM software platform for the Governance, Risk and Compliance ("GRC") market, together with associated consultancy services, provides the following update on trading for its year ended 31 December 2023. (All figures are unaudited.)
YEAR END UPDATE
In the nine months since April 2023 when the Group acquired Acuity Risk Management Limited ("Acuity"), Acuity has achieved its highest order intake, record revenues and won its largest ever contract. Further, KPI measures remain strong with indications of accelerating growth into 2024.
Revenues for Acuity in the nine months trading since April 2023 to 31 December 2023 are expected to be c£1.4m (revenue for the 12 months ended 31 March 2023 £1.75).At 31 December 2023 total cash together with cash receipts from debtors expected in January 2024 amounted to £1.2m. As at 12 January 2024 the bank balance was £901,000.Sales orders received up 44% to £1.6m (valued at first 12 months revenue) from 1 April 23 to 31 December 2023 (£1.1m in the same period 2022). Forward contracted revenue as at 31 December 2023 was £2.9m (£2.2m as at 28 February 2023).Contract renewals achieved 85% in 2023 (31 March 2023 96%).Largest ever contract worth £561,000 was won in the period, as announced on 12 December 2023The pipeline of sales prospects has increased to £7.9m as at 31 December 2023 from £4.2m in March 2023 with £1.4m from partners at 31 December 2023 (2022: £800,000).
The Board is pleased with the development of Acuity partnerships network during the period. As well as working with established partners, Acuity is delighted to have appointed new partners in 2023 including; Claritas, Logicalis, Nettitude, Security Executive Council - US and Sopra Steria.
Activity with partners has increased in 2023; three new clients were won as a result of working with new partners, and the pipeline of potential sales with partners amounted to £1.4m at 31 December 2023.
CONTRACT WIN
Since the Company's last update on 12 December 2023 and prior to the year end, Acuity secured another contract worth a total of £105,000 with a Turkey based travel company which is implementing STREAM on a two year contract with an option to extend for a third year.
Angus Forrest, Executive Chairman, commented; "The nine months of trading from 1 April 2023 to 31 December 2023 shows real progress and the indications are that the pace of expansion is increasing. There is much to do but the opportunity is large and I expect further significant progress in 2024."
For further information please contact: |
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Acuity RM Group plc | https://www.acuityrmgroup.com
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Angus Forrest | +44 (0) 20 3582 0566
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WH Ireland (NOMAD & Broker) | https://www.whirelandplc.com/capital-markets |
Mike Coe / Sarah Mather | +44 (0) 20 7220 1666 |
Peterhouse Capital (Joint broker) |
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Lucy Williams / Duncan Vasey | +44 (0) 20 7469 0936 |
Clear Capital (Joint broker) |
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Bob Roberts | +44 (0) 20 3869 6080 |
Note to Editors
Acuity RM Group plc
Acuity RM Group plc (AIM: ACRM), is an established provider of risk management services. Its award-winning STREAM® software platform collects data about organisations to improve business decisions and management. It is used by around 70 organisations in markets including government, utilities, defence, broadcasting, manufacturing and healthcare.
The Company is focused on delivering long term, sustainable growth in shareholder value. In the short to medium term this is expected to come from organic growth and thereafter may also come from complementary acquisitions.
