9 Oct 2018 07:00
9 October 2018
Castleton Technology PLC
("Castleton", the "Group" or the "Company")
Trading Update and Notice of Interim Results
Castleton Technology plc (AIM: CTP), the software and managed services provider to the public and not-for-profit sectors, is pleased to provide the following update on trading for the six-month period to 30 September 2018 ("HY2018").
The Company is pleased to announce that revenue and EBITDA* for HY2018 have grown organically in excess of 10% and support a full year performance in line with market expectations.
Operating cash conversion in the period was strong, facilitating a continued reduction in net debt from £6.3m as at 31 March 2018 to £5.3m as at 30 September 2018.
During the period, the Company obtained shareholder approval for a capital reduction process which, subject to Court approval, will give the Company the ability to make distributions to shareholders.
The Group expects to announce its results for HY2018 on 6 November 2018.
Dean Dickinson, CEO of Castleton, said:
"I am very pleased with the progress Castleton has made in the period and, as such, the Group remains on course to meet expectations for the full year. Our financial performance, along with a number of significant milestones previously reported to the market, including the acquisition of the Financial Modelling Solution platform licence and securing a significant new Managed Services contract with Dumfries and Galloway Housing Partnership, represent a period of continued success and illustrate that we continue to deliver against our strategy. We remain very confident about Castleton's future prospects."
*Earnings for the period from continuing operations before net finance costs, tax, depreciation and amortisation.
Enquiries:
Castleton Technology plc Dean Dickinson, Chief Executive Officer Haywood Chapman, Chief Financial Officer
| Tel. +44 (0)845 241 0220
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finnCap |
Tel. +44 (0)20 7220 0500 |
Jonny Franklin-Adams / Simon Hicks (Corporate Finance) Andrew Burdis (ECM)
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Alma PR | Tel. +44(0) 203 865 9668 |
Rebecca Sanders-Hewett / Helena Bogle | |
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About Castleton Technology plc
Castleton Technology plc is a leading supplier of complementary software and managed services to the public and not‐for‐profit sectors. The Group is a 'one stop shop', providing integrated housing systems via the Cloud, working in partnership with its customers and resellers to help drive efficiencies whilst improving controls and customer service. www.castletonplc.com
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.