2 Apr 2020 07:00
2 April 2020
Attraqt Group plc
("Attraqt", the "Group" or the "Company")
Board changes and trading update
Attraqt Group plc (AIM: ATQT), today announces that Luke McKeever has informed the Board that, due to family reasons, it is necessary for him to step down from his role as Chief Executive Officer with effect from 30 June 2020. Luke will nevertheless continue to work from home for a number of months in order to effect a smooth handover and the Board is pleased to announce that he will remain on the Board as a Non-Executive Director from the effective date, allowing the Group to continue to benefit from his expertise going forward.
Nick Habgood, Non-Executive Chairman, will assume the role of Interim Executive Chairman, working closely alongside Eric Dodd, Chief Financial Officer, while the Company undertakes the search for a new Chief Executive.
Trading update
To date, the Company has not experienced a material impact from the developing COVID-19 situation, however the Company is conscious of the unprecedented challenges being faced by the retail sector. Whilst it is too early to predict the broader outcomes of the pandemic on the Group's existing and prospective customer base, the Group's recurring, multi-year contracts provide a degree of resilience.
As previously announced on 4 March 2020, Attraqt had a cash balance at 31 December 2019 of £4.0m, and an exit annual recurring revenue ("ARR") of £19.2m. This recurring revenue is supplemented by revenue from non-recurring items and professional services.
From an operational perspective, following Government guidelines, Attraqt has moved to remote working, taking all the necessary precautions to ensure that there is a minimal effect on business continuity. As a result of the Group's effective contingency plans, there has been no change to its service or delivery to customers and it continues to provide customers with full support.
Nick Habgood, Interim Executive Chairman of Attraqt, commented:
"Whilst it is disappointing to lose such an insightful and passionate CEO from the business, the Board understands that circumstances necessitate it in this case and we are very pleased that Luke will be able to continue to offer the Company his guidance and expertise in a non-executive capacity.
"Luke and the team have implemented much positive change across the Group and have ensured that there is a strong platform in place, which is particularly relevant in such uncertain times.
"Whilst it is impossible to predict the outcomes of this pandemic, we are confident that we are well positioned with a high proportion of recurring revenue, a robust balance sheet, and we look forward to continuing to support brands over the long term."
Luke McKeever added:
"Although my personal circumstances have dictated that my role in the business has had to change, I look forward to continuing to make an active contribution to the Company in my new role. Attraqt has a huge opportunity ahead and an exciting product that is providing customers with an offering that delivers demonstrable value. I would like to thank all of the team for their dedication and commitment during my time as CEO, the work that they have put in leaves Attraqt well placed for future growth."
For further enquiries please contact:
Attraqt Group plc | 07747 766 849 |
Nick Habgood, Interim Executive Chairman |
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Eric Dodd, CFO |
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Canaccord Genuity | +44 (0)20 7523 8000 |
Simon Bridges |
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Adam James |
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Tom Diehl |
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Alma PR | +44 (0)20 3405 0205 |
Rebecca Sanders-Hewett | attraqt@almapr.co.uk |
Susie Hudson |
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Sam Modlin |
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About Attraqt Group plc
Attraqt powers exceptional shopping experiences for over 300 of the world's leading retail brands. The Company delivers omnichannel search, merchandising, and product & content personalization for retailers and brands. Simple-to-use interfaces and efficient workflows enable Merchandisers to take full control and enhance the value of smart automation with their own strategic expertise and creativity.
In 2019, Attraqt acquired Early Birds, the award-winning AI-driven personalization software provider. Together, the two companies combine Attraqt's pedigree in data-led search and merchandising capabilities to optimize product discovery and visual curation, with Early Birds' award-winning ability to empower learning algorithms to orchestrate and personalize the entire shopper journey. The benefits to retailers and brands will be the ability to orchestrate enhanced shopper journeys that also deliver superior commercial returns.
For more information visit www.attraqt.com