24 Mar 2020 07:00
24 March 2020
CloudCall Group plc
("CloudCall", the "Company" or the "Group")
2019 full year results publication date and current trading update
CloudCall (AIM: CALL), the integrated communications company that provides unified communications and contact centre software that integrates with Customer Relationship Management ("CRM") platforms, provides an update on the publication date of the Group's 2019 full year results and a trading update.
On 22 March 2020, the Financial Conduct Authority ("FCA") issued a notice to companies who are admitted to trading on the main market of the London Stock Exchange, requesting that they observe a moratorium on the publication of preliminary financial results for at least two weeks. A corresponding announcement from the FCA was published on the FCA's website at the following link:
https://www.fca.org.uk/news/statements/fca-requests-delay-forthcoming-announcement-preliminary-financial-accounts
Whilst the Group's audit process for the 2019 full year results is substantially complete at this stage, the completion of audit process is currently being delayed due to being impacted by COVID-19. As a result of the FCA's guidance on the publication of preliminary results, the Board is postponing the publication of its annual results for the year ended 31 December 2019, which the Company had previously intended to announce on Wednesday 25 March 2020. The Company will confirm the new date for announcing its 2019 annual results (and webinar) in due course, but the Group expects a delay of approximately two weeks and will continue to take into account any further guidance from the FCA and AIM.
The Company provided a comprehensive trading update on 16 January 2020, and the historic information in relation to the Group's performance in 2019 remains as previously stated. Furthermore, CloudCall provides the following update to its current trading and outlook.
Current trading and outlook
Exiting 2019, the Group began the year well, with key elements of its strategic initiatives making positive progress with early signs of a strengthening sales pipeline. This was coupled with continued investment, in line with our plan, to strengthen and expand CloudCall's senior management team.
During the first two months of 2020, trading by the Group remained inline with the Board's expectations.
With COVID-19 becoming a global pandemic in March 2020, the Board has been closely monitoring its outlook. CloudCall's products and services have remained extremely relevant in the current environment, where increasing numbers of companies are looking to urgently introduce tools to seamlessly enable their staff to work remotely, with full access to systems that they would use in their normal place of work.
Furthermore, as a significant proportion of the Group's revenue stream is repeatable and recurring in nature, which combined with net renewal rates in excess of 100%, does provide the Group with good forward visibility of 2020 revenues at this early stage of the year. However due to the current uncertainty caused by COVID-19, CloudCall expects there will be an impact on the expected sales growth for the year, although the exact extent of this impact remains difficult to quantify at this stage.
CloudCall remains well capitalised, with gross cash of £11.1m at 31 December, and a further £2m available via its existing credit facility, the Board remains confident that CloudCall has sufficient cash to enable it to trade its way through this period of global uncertainty. The Board have already begun to review its immediate investment plans over the near term, to ensure the Group effectively manages its cost base and cash reserves in line with the evolving situation.
For further information, please contact:
CloudCall Group plc Simon Cleaver, Chief Executive Officer Paul Williams, Chief Financial Officer
| Tel: +44 (0)20 3587 7188 |
Canaccord Genuity Limited Simon Bridges Richard Andrews | Tel: +44 (0)20 7523 8000 |
About CloudCall Group Plc
CloudCall is a software and integrated communications business that has developed and provides a suite of cloud-based software and communications products and services. CloudCall's products and services are aimed at enabling organisations to leverage their customer data to enable more effective communications and improve performance.
The CloudCall suite of software products allows companies to fully integrate telephony, messaging and contact centre capabilities into their existing customer relationship management (CRM) software, enabling communications to be made, recorded, logged and categorised from within the CRM system with detailed activity reporting and powerful business intelligence capable of being easily generated.
At the end of December 2019, the Company had approximately 160 staff based in Leicester and London (UK), Boston (US), Minsk (BY0) with over 42,000 end-users relying on CloudCall technology to power their communications.