5 Apr 2018 07:00
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."
For further information please contact:
FreeAgent Holdings plc | via FTI Consulting, LLP |
Ed Molyneux, CEO Katherine Tenner, CFO | |
N+1 Singer | +44 (0) 207 496 3000 |
Sandy Fraser, Jen Boorer (Corporate Finance) | |
FTI Consulting, LLP | +44 (0) 203 727 1000 |
Matt Dixon, Emma Hall | |
FreeAgent@fticonsulting.com |