24 Jul 2017 07:00
24 July 2017
Crossrider plc
("Crossrider", the "Group" or the "Company")
Trading Update
Crossrider (AIM: CROS), the B2C security software and online distribution platform, today announces a trading update for the six months ended 30 June 2017.
The Company is pleased to report that trading is in line with expectations. Crossrider continues to make significant progress on the Group's strategic priorities, with revenues for the first six months of the year expected to be approximately $29.7 million and adjusted EBITDA* in the region of $3.0 million.
Crossrider's core App Distribution division has performed strongly in the first half with revenues expected to be $20.6 million (H1 2016: $18.2 million), reflecting the successful expansion of Crossrider's B2C cyber security software business. The Media division's performance continues to be stable with revenues for the first six months in the region of $7.4 million (H1 2016: $7.5 million).
Cash conversion for the first six months has continued to be strong at c.90%, with the Company's cash balance as at 30 June 2017 standing at $67.9 million, including $6.4 million of acquisition expenditure in the period (31 December 2016: $72.1m).
The Company has continued to expand its range of security software products in the period. In March 2017, the Group announced the acquisition of CyberGhost, a leading SaaS Virtual Private Network provider. Crossrider is pleased to report CyberGhost continues to perform ahead of expectations, proving the capability of Crossrider's distribution platform in driving customer engagement.
Ido Erlichman, Chief Executive Officer of Crossrider, commented:
"Crossrider's first half performance further demonstrates the Group's ability in executing on its software portfolio expansion strategy through acquisitions and subsequent internal development. This, alongside organic growth initiatives, leaves us well-placed to drive future profitability and enhance shareholder value."
* 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 9703 |
About Crossrider
Crossrider distributes and develops digital products in the online security space. The Company utilises its proprietary digital distribution technology to optimise its reach and create a superb user experience. The Company offers products which provide online security, privacy and optimal online experience. Crossrider's vision is to provide and develop best-in-class digital products for its customers and partners globally.
www.crossrider.com