ARTA.L Regulatory News (ARTA)

Artilium plc

("Artilium" or the "Company")

Trading Update and Board Changes

Artilium plc (LSE/AIM: ARTA), the AIM quoted provider of innovative telecommunication software and solutions, provides the following update on trading:

In the interim results statement of 27 March 2014 the Company stated that revenue growth in the second half would depend on converting the promising sales pipeline during a period of challenging conditions in its operating environment. These conditions have persisted and the Company continues to experience lengthening sales cycles from its customers. In spite of this the Board believes that there are a growing number of national and international sales opportunities available to the Company to address. The Company's financial performance for the year ending 30 June 2014 remains dependent on the timing of the conversion of the outstanding opportunities. The Board expects EBITDA for the second half of the current financial year to be lower than that of the first half. The Company's unaudited cash balance at 31 May 2014 was approximately EUR 634,000.

The Board believes that Artilium has achieved a stable platform over the last 18 months in challenging market conditions. Having achieved this; the current intention of the board is that, subject to contract, Patrick Morley, Chairman, will step down from the Board on 1 July 2014. Patrick will be replaced as Chairman by current non-executive director Jan-Paul Menke on 1 July 2014.

At the same time it is proposed that, subject to contract and subject to satisfactory take on procedures, Bart Weijermars will be appointed to the Board as Chief Executive Officer to lead the Company in its next phase, replacing Willem Van Den Brink who will also resign from the Board subject to contract. The proposed resignation and appointment are subject to contracts being agreed in a form satisfactory to the relevant parties, and are expected to take place on or before 1 July 2014. Bart Weijermars was previously CEO of T-Mobile in the Netherlands from 2009 to 2011 following marketing roles he performed for T-Mobile in Macedonia and the Netherlands which he joined in 2006. Prior to T-Mobile Bart worked for KPN Mobile.

It is also intended that 2 new independent non-executive directors will be appointed to the Board in due course. A further announcement setting out all of the information required under the AIM Rules in respect of board changes will be circulated once full details of appointments have been agreed.

 Commenting, Jan-Paul Menke said: 

"The company would like to thank Patrick Morley and Willem Van Den Brink for leading the company to stability. I am looking forward to the new period of improved growth under the leadership of Bart Weijermars who has extensive commercial experience in the European Telecom market."

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