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17 May 2019 07:00
17 May 2019
Veltyco Group plc
("Veltyco", the "Company" or the "Group")
Trading Update
Veltyco Group plc (AIM: VLTY), the online marketing company for the gaming industry, provides the following update on current trading.
As previously announced, following the termination of the marketing agreements relating to lottery and financial trading, the Company is now focused on its sportsbook and casino operations and marketing.
The Group's revenue in the current year to 30 April 2019 for the combined sportsbook and casino operations is in line with the same period in 2018. However, as the result of a change in the revenue mix, with a larger share of the revenues being generated from lower margin activities, and a number of large wins across its operations, which are a risk given the nature of the Group's activities, revenue for the first four months of 2019 is below management expectations.
Although the Directors have restructured the operating costs to match the current operations, as a result of the above, the Directors believe that the result for the six months ending 30 June 2019 is likely to show a loss.
In light of the above the Directors continue to manage the Group's cash resources carefully, and whilst they believe that the Group is able to continue to meet its liabilities as they fall due, if trading is not in line with their expectations going forward, the Group's ability to meet such liabilities as they fall due may be impacted. Accordingly, the Directors continue to explore appropriate sources of capital.
The Company will announce its results for the year ended 31 December 2018 in late June 2019.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Veltyco Group Plc +44 (0)1624 605 764
Paul Duffen, Chairman
Marcel Noordeloos, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / Richard Tulloch / James Dance
Whitman Howard Ltd (Broker) +44 (0)20 7659 1234
Nick Lovering / Christopher Furness
IFC Advisory (Financial PR & IR) +44 (0)20 3934 6630
Graham Herring / Miles Nolan / Zach Cohen
About Veltyco
Veltyco is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.
Website: www.veltyco.com
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