17 Jan 2017 07:00
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014
17 January 2017
Crossrider plc
("Crossrider" or the "Company")
Trading Update and Notice of Results
Crossrider (AIM: CROS), the online distribution and digital product company, today announces a trading update for the year ended 31 December 2016.
The Company continues to deliver organic growth in its core business activities, the Media and App Distribution divisions. Crossrider's revenue for the period is expected to be c. $56.5 million and adjusted EBITDA* in the region of $6.4 million.
Crossrider's cost-reduction and re-organisation programme announced in June 2016 is now complete and as a result, $2.0 million of annualised savings have been achieved. In addition, the Company's cash balance as at 31 December 2016 increased to $72.1 million (2015: $71.3 million) against $70.2 million at the half year stage
The Company is also pleased to report that DriverAgent, the PC maintenance software product, acquired in October 2016, is now fully integrated into Crossrider's proprietary app distribution platform and is expected to be earnings accretive in the full first year of ownership.
The Board believes that following the completion of the Company's restructuring, Crossrider is now well positioned for growth both organically and through selective acquisitions. The Company will continue with its strategy of accelerating organic growth, alongside identifying acquisition targets which will grow Crossrider's distribution hub through new synergistic products, technologies as well as expanding its customer base.
Crossrider will report its full year results for the year ended 31 December 2016 on Tuesday 14 March 2017.
Ido Erlichman, Chief Executive Officer, commented:
"I am pleased to report strong trading and healthy growth in operational cash flow across our core divisions in a year where our business has undergone significant strategic change. With the restructuring now complete, the business can focus solely on driving a number of organic growth initiatives alongside evaluating a steady pipeline of acquisition targets.
"Following our achievements in the second half of the year, we are confident that we will continue to deliver growing value to our shareholders in 2017."
* Adjusted EBITDA is a non GAAP measure and a company specific measure which excludes other operating income and expenses which are considered to be one off and non-recurring in nature
Enquiries
Crossrider plc Ido Erlichman, Chief Executive Officer Moran Laufer, Chief Financial Officer
| via Vigo Communications |
Shore Capital (Nominated Adviser & Broker) Bidhi Bhoma / Toby Gibbs
| +44 (0)20 3772 2496 |
Vigo Communications (Financial Public Relations) Jeremy Garcia / Fiona Henson / Antonia Pollock crossrider@vigocomms.com | +44 (0)20 7830 9700 |
About Crossrider
Crossrider is an online distribution and digital product company. The Company utilises its proprietary marketing technology platforms to prospect, optimise and monetise mobile and web media, to create a superb user experience. The Company offers improved retention and re-engagement rates, greatly enhancing the value of user activity. Crossrider provides its platforms to its customers for use with their products as well as developing and expanding its own product portfolio. Crossrider's vision is to provide and develop best-in-class digital products for its users globally.
www.crossrider.com