Freeagent Holdings Regulatory News (FREE)

5 April 2018

FreeAgent Holdings plc

("FreeAgent", the "Company" or the "Group")

Trading Update

FreeAgent Holdings plc, a provider of cloud-based Software-as-a-Service ("SaaS") accounting software solutions and mobile applications designed specifically for UK micro-businesses, today provides the following trading update for the year ended 31 March 2018.

For the full year ended 31 March 2018, the Board expects to report revenue of £9.8 million and Annualised Committed Monthly Recurring Revenue ("ACMRR") of £10.1 million in line with our expectations. Period end net cash was approximately £2.3 million.

Ed Molyneux, Group CEO, commented:

"Overall progress has been strong, particularly in our Banking channel, despite headwinds in the practice channel - courtesy of the turmoil surrounding the IR35 changes. The RBS partnership has continued to prosper and we were pleased on 27 March to announce the terms of a recommended cash offer for FreeAgent by a wholly-owned indirect subsidiary of RBS at a price of 120 pence per share. Formal offer documentation is expected to be despatched to FreeAgent shareholders shortly and in any event on or before 24 April."

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