adept4 plc Customer Contract Termination (3570V)

TIDMAD4

RNS Number : 3570V

adept4 plc

08 April 2019

Adept4 plc

("Adept4", the "Company" or the "Group")

Customer Contract Termination

Adept4 plc, the AIM listed provider of 'IT as a Service', announces that it has received notice of termination of a customer contract which in the year to 30 September 2018, delivered GBP0.7 million of recurring revenue. As a result, revenue and Trading Group EBITDA* for the year ending 30 September 2019, are likely to be below management's expectations. Based on current information, the Company disputes that the contract termination is valid and is therefore considering the legal redress open to it.

For further information please contact:

 
Adept4 plc 
 Simon Duckworth, Non-Executive Chairman     01925 398 255 
 
 N+1 Singer (Nominated Adviser and Broker) 
 Jen Boorer                                    020 7496 3000 
 
 MXC Capital Markets LLP 
 Charlotte Stranner                            020 7965 8149 
 

This announcement contains inside information.

* earnings before net finance costs, tax, depreciation, amortisation, plc costs, separately identifiable items and share-based payments

About Adept4

Adept4 delivers IT as a service to small and medium sized businesses across the UK. IT as a Service (ITaaS) provides you with exactly the amount of technology and support you need in accordance with business requirements, billed on a monthly basis, based on what is consumed.

Critically we underpin this delivery method with a 24 x 7 UK response team, strategic consulting, professional services and software development to provide exactly what organisations need from IT at any given time. Whether an infrastructure is based on legacy or emerging technologies we will ensure organisations have the flexibility, agility and cost efficiencies required to run their business effectively, all through a single trusted provider.

Adept4 is a public company quoted on the AIM market of the London Stock Exchange. The Company is headquartered in Warrington, with offices in Leeds, Aberdeen, and Brighton.

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April 08, 2019 02:00 ET (06:00 GMT)