Last checked at 26 Apr 2010 07:00
CCS.L
Clarity Commerce Solutions plc
('Clarity'', the "Company" or the "Group")
Pre Close Trading Update and Appointment of CFO
Results in line with expectations
Clarity, a leading supplier of software solutions for the hospitality, retail, leisure and entertainment sectors, is pleased to make the following update on trading for the year ended 31 March 2010, prior to entering its close period.
Challenging market conditions have resulted in delays in receipt of key orders, but, despite these, the Directors are pleased to report that Clarity's full year results are expected to be in line with market expectations, a strong improvement on the previous year. Significantly, during these difficult market conditions, management emphasis on cash conservation has resulted in a healthy cash position.
The Directors remain cautiously optimistic that the business is well-positioned for the current financial year and beyond. This belief results from the confidence shown in the Group and its products by major customers, and in competitive bids for our advanced point of sale and associated solutions. These include:
·; Merlin Entertainments Group Limited, the world's second-largest amusement park operator;
·; Pret A Manger, Britain's premium sandwich retailer with 225 outlets in the UK, USA and Hong Kong;
·; Weston super Mare Pier;
·; Monmouth County Council
In addition, development of a number of new product lines is nearing completion, especially in the Group's Leisure and Entertainment sectors, and these new products are already generating strong interest from both existing and new customers.
Outlook
Despite an upturn in demand, market conditions remain difficult for many of Clarity's customers and actual and prospective and sales cycles are undoubtedly longer. Nevertheless, selling activity remains high and the order and prospect list continues to demonstrate the Group's appeal across multiple markets. As a result, the Directors remain cautiously optimistic about the future.
The Company expects to release its preliminary results for the 12 months ended 31 March 2010 on 28 June 2010.
Appointment of Chief Financial Officer ("CFO")
The Company also announces the appointment of Stephen Sadler ACA as CFO with effect from 10 May 2010.
Stephen Paul Sadler ACA (43), qualified as a Chartered Accountant with Arthur Andersen, and has a degree in Industrial and Business Economics from the London School of Economics. He has held a number of Board level positions with publicly quoted and private equity-backed technology companies. Previous roles include Chief Financial Officer for Turbo Power Systems Inc, Chief Financial Officer for Host Europe plc until its sale to Pipex plc in 2004 and senior finance roles at Logica plc and GX Networks plc.
Stephen Sadler holds or has held the following directorships or been a partner in the following partnerships within five years prior to this appointment:
| Current directorships/partnerships
| Previous directorships/partnerships |
| Buckleaze Farm Partnership TSL Solutions Limited
| Charmlynx Ltd G24 Innovations Ltd Intelligent Power Systems Ltd Micro Tech Ltd Nada-tech Ltd Synchronica plc Turbo Power Systems Inc Turbo Power Systems Ltd |
There are no further disclosures to be made in accordance with Schedule 2(g) of the AIM Rules.
Sir Colin Chandler, Chairman, said "I am pleased to report further steady progress within the Group despite a challenging trading environment. Furthermore, I am delighted to welcome Stephen to our Board at this pivotal time for Clarity. Stephen brings a wealth of experience to our Finance Team and will, I am sure, be a key contributor to our strategy for growing the business and delivering long term shareholder value. I am looking forward to working with him as a key member of the Clarity team."
Enquiries:
| Clarity Commerce Solutions plc | Ken Smith | T:01256 365150 |
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| Arbuthnot Securities | Alasdair Younie/Ben Wells | T: 020 7012 2000 |
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| Biddicks | Shane Dolan | T: 020 7448 1000 |
About Clarity Commerce Solutions
Clarity Commerce Solutions plc offers technology solutions which span all levels of consumer interaction, from ticketing through to sophisticated consumer behaviour tracking and loyalty programmes. Clarity Commerce Solutions plc has installations in over 7,000 sites across the world within all sub-segments of the retail, leisure and entertainment industries. It is our mission to help customers effectively compete, win and retain a loyal, profitable customer base. Established in 1993, Clarity is headquartered in Basingstoke, United Kingdom and has over 750 customers worldwide. Key sectors include Retail, Entertainment, Leisure, Hospitality, Accommodation, Food and Drink.
www.claritycommerce.com