ThinkSmart Limited Business Update (1725G)

TIDMTSL

RNS Number : 1725G

ThinkSmart Limited

25 May 2017

25 May 2017

ThinkSmart Limited

("ThinkSmart" or the "Company"")

Business Update

ThinkSmart Limited (AIM: TSL), a leading provider in the UK of retail point-of-sale lease finance for high-volume small-ticket electronic and commercial equipment, makes the following business update.

Further to the update given at the time of the FY17 interim results on growth initiatives underway with our partners, ThinkSmart and its longstanding commercial partner, Dixons Carphone, have developed a new innovative mobile phone consumer proposition, designed to appeal to premium smartphone customers who do not wish to wait until their contract ends to upgrade to the latest smartphone model.

The new proposition leverages ThinkSmart's proprietary technology platform 'SmartCheck' and provides consumers with additional choice and payment flexibility by enabling them to acquire the latest smartphone either with or without SIM via a convenient financing agreement. The new proposition is typically aligned to the annual introduction cycle of the latest models by the leading premium smartphone brands and allows customers to upgrade after 12 months at a time of their choosing.

The proposition is in the process of being prepared for a national launch, envisaged for the second half of the year.

Ned Montarello, Executive Chairman, commented:

"Together with our partner, Dixons Carphone, we believe this new proposition will greatly appeal to the market for premium smartphones in the UK. It's a proposition that we are extremely proud of and one that is further testament to ThinkSmart's ability to leverage its technological platform to deliver innovative finance solutions for consumers whilst taking advantage of a significant shift in consumer behaviour in many markets towards usage rather than ownership."

Commenting, Jeremy Fennell, Managing Director, Carphone Warehouse said:

"Having enjoyed a successful commercial relationship with ThinkSmart for over 14 years, we are delighted to be ThinkSmart's exclusive partner. This proposition will offer our customers greater choice, allowing them to upgrade more frequently and provide a low monthly cost alternative."

For further information please contact:

 
 ThinkSmart Limited                   Via Instinctif Partners 
 Ned Montarello 
 
 Canaccord Genuity (Nominated 
  Adviser, Financial Adviser 
  and Joint Broker)                   [phone] 
 Sunil Duggal 
  David Tyrrell 
  Andrew Buchanan 
  Richard Andrews 
 
 Peel Hunt LLP (Joint Broker)         [phone] 
 Charles Batten 
  Guy Wiehahn 
  Rishi Shah 
 
 Instinctif Partners                  [phone] 
 Giles Stewart 
  Karranjit Sahota 
  Lewis Hill 
 
 Cannings Corporate Communications 
  (for Australian enquiries)          [phone] 
 Michael Mullane 
 

About ThinkSmart Limited

ThinkSmart Limited is a leading provider in the UK of retail point-of-sale lease finance for high-volume small-ticket electronic and commercial equipment. The Group provides both B2B and B2C point-of-sale lease finance, primarily through its longstanding relationship with Dixons Retail and its new relationship with Carphone Warehouse. The Group's product offering is underpinned by a proprietary, innovative and scalable technology platform, SmartCheck. Since it commenced operations in the UK in 2003, the Group has processed in excess of 350,000 individual applications.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 25, 2017 02:01 ET (06:01 GMT)