GLAN.L Regulatory News (GLAN)

16 May 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

Glantus Holdings plc

(''Glantus'' or the ''Company'' or the "Group")

Q1 2023 Trading Update and Directorate Change

Glantus (AIM: GLAN), the provider of Accounts Payable ("AP") automation and analytics solutions announces a trading update for the quarter ended 31 March 2023 ("Q1 2023") and a change to its Board membership.

FY 2022 Results

The Company expects to report, subject to audit, revenue and an adjusted EBITDA loss before exceptional restructuring costs and any impairment of goodwill from acquisitions in line with the previous guidance provided in the Company's trading update released on 14 February 2023. The FY 2022 results are expected to be published on or before 30 June 2023.

Q1 2023 trading update

As previously reported, during a very challenging year in FY 2022, the Group completed a restructuring of the business which achieved significant annualised cost savings through reductions in headcount and operational infrastructure costs while consolidating operations globally with a focus on technology-led initiatives to drive margins and scale. Trading in the new financial year has been stronger than management's expectations and the business model and strategy provides a strong platform for significant growth.

Q1 2023 revenues of c.€3.47m alongside the reduced cost base has delivered better margins and achieved both an adjusted EBITDA profit of c.€1m and positive cash flow from operations, ahead of management's expectations.

Looking forward, the Board has the confidence in the continued and sustained demand for the Glantus solutions and the potential for additional products to be integrated onto the Glantus platform.

Debt refinancing

The Company is making good progress with finalising a legal agreement to extend the repayment date of the €5 million loan with Beach Point Capital which is due in August 2023 by 24 months. Further updates will be made in due course.

Board Change

Diane Gray-Smith, current Executive Director and Interim Chief Financial Officer ("CFO"), has stepped down from the Board with immediate effect and is leaving the Company to pursue new opportunities. Diane joined the Board at IPO in May 2021 as a Non-Executive Director, was appointed to the executive position of Chief Corporate Growth Officer in March 2022 and assumed the role of Interim CFO in December 2022.

Diane stepped into the role of Interim CFO at a very challenging time for the Company, and played a vital part in the restructure of the business. The Board thanks her for her efforts and wishes her every success in her future endeavours.

CFO Appointment

Susan O'Connor will assume the role of CFO, effective immediately. Susan, a PwC trained Chartered accountant, is an experienced CFO with public and private companies in the technology sector and previously worked with Glantus at the time of its IPO. We are pleased to welcome her aboard.

Enquiries:

About Glantus Holdings plc

Glantus Holdings (AIM: GLAN) Glantus is a global provider of accounts payable automation and analytics solutions. Glantus' mission is to harness technology to drive innovation, unlocking efficiencies in AP to maximise working capital for global enterprise organisations. The award-winning Glantus DataShark Platform connects all AP systems and suppliers on one agile platform, eliminating cost and delivering new revenue streams. We work in tandem with our partners to deliver joint enterprise digital transformation solutions. For more information see glantus.com.

Founded in 2014 and headquartered in Dublin, Glantus has offices in the United States, United Kingdom, Poland and Costa Rica.