Last checked at 6 Apr 2021 07:00
Primorus Investments plc
("Primorus" or the "Company")
Investment Update
Primorus (AIM: PRIM) is pleased to provide its shareholders with the following updates on a number of its investee companies.
Engage Technology Partners ("Engage"), the end-to-end workforce management platform provider, has recently completed an equity fundraising resulting in the conversion of loan notes which investors, including the Company, subscribed for last year as part of the Government's Future Fund initiative. Following the conversion, which was completed at a discount of 20 per cent. to the equity fundraising, Primorus now holds 92,374 ordinary shares in the capital of Engage, equating to approximately 4 per cent. of its fully diluted share capital.
Engage is an end-to-end workforce management platform that connects recruitment agencies, end hirers and contractors. Its cloud-based solution creates visibility across the paid to recruit process. As well as ensuring worker compliance, companies mitigate their tax liability risk. Cost management is made easier with transparency across companies' contractor pools. For more information, see: https://www.engagetech.com/
The Company is also pleased to provide an update on Zuuse Limited ("Zuuse"), a leading global software provider operating in the construction and building operations sector. Despite 2020 being a challenging year due to the global Covid-19 pandemic, Zuuse's revenue for the 12 months ending 31 December 2020 was up by 15 per cent. versus the comparable period last year and despite falling 7 per cent. during Q2 2020. The business was also EBITDA and cashflow positive throughout the period, which has provided a strong base moving into 2021 to increase the investment in the business to drive sales and revenue growth. Zuuse enjoyed record sales in December 2020. Management is optimistic that increased levels of investment in sales, marketing and product, along with an improving level of confidence in the economy, will result in a stronger trading performance in 2021; a view supported by results to date in 2021. For more information, see: www.zuuse.com
Primorus notes the announcement by TruSpine Technologies plc ("TruSpine") on 1 April that it has completed a share subscription to raise £585,000. Whilst the Company did not participate in the subscription, it is hoped the fundraise will further advance TruSpine through its FDA application process and commercial launch of its Cervi-LOK™ device. For more information, see http://truspine.org/
Rupert Labrum, Executive Chairman, commented: "We are pleased to continue our support of the Engage team. Whilst we did not invest in the recent fundraising, we have been impressed with the team and the business they have built. It has been promising to see the growth the business has enjoyed, particularly through the Covid-19 pandemic.
Likewise, the resilience of the Zuuse team, coupled with their leading software solutions, has been rewarded by the business's underlying performance. As confidence in the economy grows, we fully expect Zuuse to continue to execute its ambitious growth plans."
For further information, please contact:
Primorus Investments plc +44 (0) 20 8154 7907
Rupert Labrum
Nominated Adviser and Broker
Cairn Financial Advisers LLP +44 (0) 20 7213 0880
Sandy Jamieson / James Caithie