23 Jul 2020 07:00
23 July 2020
Attraqt Group plc
("Attraqt", the "Group" or the "Company")
Trading Update
Significant increase in customer activity and improvement in enquiries shows growing market confidence
Attraqt Group plc (AIM: ATQT), a leading provider of online experience orchestration, is pleased to announce that the Company's trading for the six months to 30 June 2020 was broadly in line with the Board's expectations, despite the challenging external circumstances.
During the course of the COVID-19 lockdown the Group saw a significant increase in usage volume (e-commerce website activity) across its customer base reflecting the widely reported step increase in e-commerce adoption and activity. Time will tell whether this transition to e-commerce will be sustained but early indications suggest that this is continuing in to the third quarter.
The Group's focus on multi-year contract renewals has continued to bear fruit with 27 signed with an aggregate value of £10.7m in the year to date, up from 11 worth £3.9m in the same period in the prior year, and already more than signed in the full year 2019 (24 worth £4.9m). The Board believes this success in increasing the number and value of multi-year renewals reflects our focus on customer success, Net Promoter Score and our customers' growing confidence in our innovation roadmap.
As noted at the Group's AGM, the COVID-19 lockdown has inevitably impacted customers' decision making processes and has slowed the Company's new bookings in the first half of the year. Nevertheless, June saw the start of an improvement in new bookings as well as an uplift in business enquiries. The Company has a strong sales pipeline going into the second half of the year, particularly for the third quarter.
Whilst pleased with the year to date performance, future trading remains difficult to predict, in particular new bookings in the current environment. With a robust cash position, with net cash of £3.8m as at 30 June 2020, the Group is confident of its resilience going forward and believes that the increased adoption of e-commerce is a positive for the business in the medium term.
The Group expects to announce its Interim Results for the six months ended 30 June 2020 in late September.
For further enquiries please contact:
Attraqt Group plc | 07747 766 849 |
Eric Dodd, CFO | |
Canaccord Genuity | +44 (0)20 7523 8000 |
Simon Bridges | |
Adam James | |
Tom Diehl | |
Alma PR | +44 (0)20 3405 0205 |
Rebecca Sanders-Hewett | attraqt@almapr.co.uk |
Susie Hudson | |
Sam Modlin |
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