K3 Business Technology Group Regulatory News (KBT)

AIM: KBT

K3 BUSINESS TECHNOLOGY GROUP PLC

("K3" or "the Company")

AGM Statement

K3, which provides and supports Enterprise Resource Planning software, hosting and managed services to the supply chain industry, will be holding its Annual General Meeting today and Chief Executive, David Bolton, will make the following comment,

"Trading in the new financial year to date has been in line with management expectations. Demand for our new flagship Microsoft Dynamics "ax|is" solution is encouraging and our recent accreditation of membership of Microsoft's Global Independent Software Vendor programme underlines the product's global potential. As we reported previously we are making further investment in developing channels to market and in Microsoft Dynamics AX resource. Our other businesses are performing well although the recovery of the Dutch fashion and retail market remains slow.

As in previous years, cash generation in the first half will benefit from SYSPRO licence and support contract renewals and the Company's net debt position at 31 December 2014 is expected to be in line with management expectations, tracking normal seasonal patterns. 

As previously reported, Non-executive Chairman Tom Milne is retiring from the Board and Company today. Lars-Olof Norell has been appointed as his successor, with immediate effect. Lars-Olof will hold the position as Chairman on an interim basis and full details of his appointment are contained in a separate announcement, issued today. A further announcement will be made about the appointment of a permanent Chairman in due course.

The Directors are delighted to welcome Lars-Olof to the Board and at the same time take this opportunity to thank Tom for his significant contribution to K3 over the past eight years and to wish him a very happy retirement."

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