BNN Technology PLC Statement re share price movement & Trading Update (6719B)

TIDMBNN

RNS Number : 6719B

BNN Technology PLC

05 April 2017

5 APRIL 2017

BNN Technology PLC

Statement re share price movement and Trading Update

The Board of BNN Technology (AIM: BNN), a London-listed Chinese technology, content and services company has noted the share price reaction over the past week and is not aware of any reason for today's share price movement.

Trading Update

Gross Transaction Volumes (GTV) through the company's platform have continued to progress well in recent weeks. Gross transaction volume has grown by 46% to over GBP400 million in the three months to March 2017, following GBP273 million in the three months to December 2016.

The company's financial results for the 12 months ended 31 December 2016 are scheduled to be released by the end of next week.

The company's NASDAQ listing process is also progressing, as previously announced. We are working towards completing the listing in Q3 2017.

Supported by the launch of the recently announced motorist platform, which we expect will generate revenues in H1, we continue to expect significant revenue growth for the Group in the current year. Since the initial announcement, we have added a second major fuel retailer to the motorist platform, in addition to the market-leading operator already reported.

The company continues to operate with a strong and healthy balance sheet, and began the calendar year with approximately GBP28 million of cash and cash equivalents.

For further information, please contact:

 
 BNN Technology plc                     [phone] 
   Darren Mercer, Chief Executive 
    Scott Kennedy, Chief Financial 
    Officer 
    Stephen Benzikie, Communications 
                                            [phone] 
 Brunswick Group (Public Relations)                    5959 
   Brian Buckley / Diana Vaughton 
 Strand Hanson Limited (Nominated           [phone] 
  & Financial Adviser)                                 3494 
   Andrew Emmott / Ritchie Balmer 
 
    Mirabaud Securities LLP (Broker)        [phone] 
    Peter Krens                                        3362 
 

About the Group

BNN Technology plc is a Chinese technology, content and services company that builds long-term partnerships to deliver China's citizens with value-added services, content and evolving opportunities.

Listed on AIM since 2014 the Group principally engages in providing technology to partners to facilitate fulfilment of payments online and on mobile apps through partnerships or affiliate agreements with corporate and key government partners, and, developing digital content, both online and mobile. Through its partnership with Xinhuatong and NewNet, BNN facilitates mobile payments, through its technology platform, on the Xinhua News mobile app in 12 provinces in China. The Chinese consumer shift to 'life on mobile' is only just beginning and BNN's platform technology enables urban and rural communities across China to access exclusive content and pay for more services online.

The Group employs nearly 300 professionals throughout China.

This information is provided by RNS

The company news service from the London Stock Exchange

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April 05, 2017 06:28 ET (10:28 GMT)