17 Oct 2022 07:00
RNS Number : 0221D MJ Huson Group PLC 17 October 2022 16017th October 2022
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MJ Huson Group plc
(the "Company", "Group" or "MJ Huson")
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Changes to guiance following auit ajustments
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MJ Huson Group plc (AIM:MJH), the specialist service provier to the asset management inustry, announces that its annual results to 30th June 2022 (180180FY 22``) are expecte to be below previous guiance, ue to auit ajustments.
In its announcement of 12th July 2022, MJ Huson inicate that it expecte Ajuste EBITDA to be moestly ahea of 1638.3 million for the financial year ene 30 June 2022 (unauite). This was reiterate on 10th August 2022. 160Following recent feeback from EY in relation to the FY 22 auit, there are on-going iscussions between the Company an its auitors in relation to the treatment of revenue recognition on one major contract an certain costs inclue in Ajuste EBITDA. The consequence of these iscussions, taken as a whole, is that the Boar now consiers that the Company is unlikely to be in a position to meet prior guiance.
In terms of the significant potential auit ajustments -
183 160160The potential ajustment aroun revenue recognition relates to the treatment uner IFRS of approximately 1631.3 million of revenue. This was from a single, multi-year contract with a public sector boy an one which, in terms of value, is unchange from its inception in early 2022. Given that significant time has alreay been incurre in proviing the service, any conclusion by the auitors that it cannot now be recognise in FY 22 woul reuce both FY 22 Ajuste EBITDA an profit by an equal amount an consequently shoul improve revenue an profits in the current an future years instea.
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183 160 160 The other potential ajustments relate to the capitalisation of certain IT evelopment costs after a significant perio of internal investment as well as the level of allocate costs for management time in MA an funraising. The Company remains in close iscussion on both these issues with its auitors.
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The potential auit ajustments are all non-cash in nature an o not have an impact on the operating performance of the Group in the current year (FY 23). The final outcome on these issues in relation to FY 22 is subject to the ongoing iscussions with the Group's auitors.160 The Company will provie an upate in ue course.
Current traing in FY 23 is encouraging an, in particular, the Group180s key transformative growth opportunities in ESG Sustainability an the ManCo businesses in Irelan an Luxembourg are continuing their strong gains from FY 22.160
This announcement contains insie information as efine in Article 7 of the Market Abuse Regulation
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For further information, please contact:
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About MJ Huson
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MJ Huson (AIM:MJH) is the en-to-en solutions provier to the US100 trillion+ asset management inustry, specialising in its fastest growing segment, private markets (incluing private equity an venture capital).160
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The Company offers investors access to the growth in private markets as a tech-enable 'picks an shovels' play.160
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Foune in 2010, by CEO Matthew Huson (a private markets lawyer an former fun manager), MJ Huson was amitte to the AIM market of the Lonon Stock Exchange in 2019. The Group has grown to more than 300 professionals, serving more than 1,000 clients, across the globe, incluing some of the inustry's largest players an 18 of the FTSE 100.
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Several factors have contribute to the Group's success, to ate, an support strong growth expectations, for the future:160
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1.160160 Private markets are growing fast, an MJ Huson provies the picks an shovels
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2.160160 As private markets grow, so o scrutiny an regulation, increasing the nee for the Group's specialist avice an services, particularly in areas like ESG, where it has awar-winning solutions
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3.160160 As it evolves, the sector is increasingly embracing technology, ata, an analytics, where MJ Huson has market-leaing an awar-winning tools an in which it continues to invest
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4.160160 The Group's multi-service approach creates multiple client touchpoints, builing stronger, longer-term relationships, an making it easier to sell in aitional MJ Huson services
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.160160 Performing these services generates vast amounts of ata, which MJ Huson aggregates an analyses, in orer to further support its clients, by eveloping next-generation tools an fine-tuning existing services
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For more information, please visit our website: www.mjhuson.com/investors160
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LinkeIn: www.linkein.com/company/mj-huson/ Twitter: www.twitter.com/MJHusonCorp
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This announcement contains insie information as efine in Article 7 of the Market Abuse Regulation.
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