28 May 2010 11:00
Rubicon Software Group Plc
Trading update In our interim results announced on March 19th we stated that revenue was substantially below expectations in the first half of the year. This trend has continued into the second half of the year and we anticipate revenue for the full year to be approximately 28 per cent. lower than those reported in the last financial year.
We have continued to focus our sales and marketing activity around Microsoft SharePoint professional services and are currently working on a website project based on the new SharePoint 2010 technology and expect to win further projects in this area in the near term. Furthermore, we have continued to develop our "Accelerator 2010" product with sales and marketing activity due to commence in the first quarter of the next financial year.
We are also pleased to confirm completion of the re-financing announced on 28 April 2010..
Application has been made for 3,187,500 new ordinary shares subscribed for in aggregate by David Cover & Son Limited ("Covers") and Rupert Green, Covers' Finance director, to be admitted to AIM with effect from commencement of business on 1 June 2010. Application will be made in due course for the balance of the new ordinary shares which are the subject of the financing arrangements once payment of the subscription has been received.
For further information, please contact:
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| Rubicon Software Group PLC | www.rubiconsoftware.com |
| Alistair Hancock, Chief Executive Officer | +44 (0) 1276 706 900 |
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| WH Ireland Limited | www.wh-ireland.co.uk |
| John Wakefield / Marc Davies | +44 (0) 117 945 3470 |