@UK PLC Trading Update (0044L)

TIDMATUK

RNS Number : 0044L

@UK PLC

06 August 2013

 
 Embargoed for 7:00am release   6 August 2013 
 

@UK PLC

("@UK" or the "Company")

Trading Update

@UK PLC (AIM:ATUK.L), the cloud eCommerce marketplace, today provides an update on trading in the 6 months ended 30 June 2013.

The Company has enjoyed strong trading in the first six months of the year, delivering growth in ecommerce marketplace and spend analysis revenue of over 100%. While the Company Formations division continued to see a small decline, overall revenues enjoyed strong growth resulting in a significant reduction in operating losses. Investment in the first half of the year to support the Visa roll-out resulted in movement into a net debt position, which has since been reversed.

The second half year has started strongly with significant cash generation to provide the funds for international rollout.

The rebranding of the operations of the business under the terms cloudBuy and cloudSell is progressing well, and we expect to launch with Visa shortly. The prospects for the business in Australia are strong and the UK Government pipeline is also looking promising with multiple engagements at the ministerial and the highest levels of the civil service.

In total, the volume of spend analysed by our systems is now over $450 billion, and we expect to gain both significant revenues from spend analysis, and convert these clients onto full marketplaces, and gain significant income from a percentage of the volume flowing through the system, delivering significant and rapid return on investment to our customers.

Ronald Duncan, Executive Chairman, commented, "We are delighted with the progress made in the first half of the year, both financially and operationally, and expect to deliver full year results in line with market expectations. The partnership with Visa underlines the superiority of our proven eCommerce marketplace and spend analysis software and we are confident that the combination of extended market reach Visa provides, and our switch to a business model where we take a percentage of the volume flowing through the system, will result in a significant increase in shareholder value."

Notice of Results

The Company expects to announce interim results for the 6 months ended 30 June 2013 in September 2013.

Enquiries:

 
 @UK PLC                      Tel: [phone] 
  Ronald Duncan, Chairman 
 Westhouse Securities         Tel: [phone] 
  Limited 
  Tom Griffiths 
 Newgate Threadneedle          Tel [phone] 
  Caroline Evans-Jones/Alex 
  White 
 

@UK PLC

@UK is Europe's leading Cloud Platform with over 1 million users, which is used for University and Colleges' procurement along with local authority, schools and other Government and private sector procurement.

The GeM marketplace for Universities and Colleges which launched on 1(st) August 2011 is the only card-based national marketplace in the world. It was successfully delivered for the 800 Universities and Colleges in the UK and the 680 National Suppliers, proving that Cloud Ecommerce delivers large complex projects for Government on time and on budget.

Richard Benyon MP Minster for the Natural Environment, launched the @UK Green Ecommerce Marketplace in October 2010, which is now the largest repository of product carbon footprints in the world.

@UK was used by the National Audit Office to identify over GBP500 million in savings for 25% of NHS spend. The ground breaking SpendInsight system used to identify the savings resulted in the award of 2 PhDs in artificial intelligence.

@UK delivers key Government commitments of Savings Sustainability and SME Inclusion along with support for start-ups. @UK PLC has now created over 260,000 start up businesses and launched a new Cloud-Start-Up.com service to provide a complete suite of cloud business software to start-ups along with the essentials of limited company, bank account, domain name, email, ecommerce, accounting system and membership of the @UK business club.

The platform is being rebranded cloudBuy.com and cloudSell.com for international roll-out with Visa.

This information is provided by RNS

The company news service from the London Stock Exchange

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