Vipera PLC Trading Update (8590X)

TIDMVIP

RNS Number : 8590X

Vipera PLC

27 February 2017

27 February 2017

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

VIPERA PLC

("Vipera" or the "Group" or the "Company")

Trading update

Vipera (AIM:VIP), the specialist provider of mobile financial services, is pleased to announce a trading update in respect of the year ended 31 December 2016.

Group revenues for the year increased 16% to EUR7.9 million (2015: EUR6.8 million), following a strong second half performance. Growth was strong in both product related revenues and consulting, with both showing a 17% increase on the prior year, driven particularly by increased business from core customers. Support and maintenance revenue continues to accumulate and represented 12% of the group's revenue in 2017.

Operating losses before provisions were in line with market expectations. In addition, as announced on 29 December 2015, the Company acquired an additional stake in Codd&Date. This was driven by the continued addition of new customers and projects, necessitating an increasingly smooth delivery of an increasing number of customer deployments and greater efficiencies within the Group. This Group reorganisation is expected to impact the valuation of the goodwill attached to the Company's subsidiary operations, and although it will be provided for, there is will be no cash impact.

Net cash as at 31 December 2016 was EUR1.5 million, which is slightly below expectations and reflects trade receivables being higher at the year-end than projected. Since the year-end, the trade receivable balance has normalised and the Group remains well funded to continue investment in product development and to support the working capital needs of the Group through to cash flow profitability.

As mentioned above, the majority of the Group's revenues growth came from deepening relationships with existing clients; however the Group has continued to win new custoemers and has a strong pipeline of new business, both through direct sales and channel partners. In 2017 growth is expected to be driven by a continued deepening of client relationships, together with the benefits from new customer wins. The Board continues to look forward to 2017 and beyond with great confidence, as Group continues to refine its customer proposition within the evolving and growing mobile financial services market.

The Directors intend to announce the Company's financial results for the year ended 31 December 2016 in early May 2017.

Contact:

 
 Vipera PLC 
  Marco Casartelli (CEO)              Tel: [phone] 
  Martin Perrin (CFO)                 2037 
                                      Tel: +44 (0) 20 
                                      7193 0833 
 finnCap Ltd (Nomad and Broker)     Tel: +44 (0) 20 
  Adrian Hargrave / Anthony Adams    7220 0500 
  (Corporate Finance) 
  Christian Hobart (Corporate 
  Broking) 
 IFC Advisory Ltd (Financial        Tel: +44 (0) 207 
  PR and IR)                         652 9788 
  Tim Metcalfe 
  Heather Armstrong 
  Graham Herring 
 

About Vipera:

Vipera Plc (AIM:VIP) a cutting edge Mobile Financial Services and Digital Customer Engagement Solutions provider, serves financial institutions and retailers worldwide with differentiated mobile banking, card management and customer engagement capabilities based around its proprietary bank grade multi-purpose platform, Motif. Additionally, it provides consultancy and other services to banks and financial institutions. For further information, please visit www.vipera.com

This information is provided by RNS

The company news service from the London Stock Exchange

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February 27, 2017 02:01 ET (07:01 GMT)