ATTRAQT Group PLC Trading Update (8102T)

TIDMATQT

RNS Number : 8102T

ATTRAQT Group PLC

23 July 2020

23 July 2020

Attraqt Group plc

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

Trading Update

Significant increase in customer activity and improvement in enquiries shows growing market confidence

Attraqt Group plc (AIM: ATQT), a leading provider of online experience orchestration, is pleased to announce that the Company's trading for the six months to 30 June 2020 was broadly in line with the Board's expectations, despite the challenging external circumstances.

During the course of the COVID-19 lockdown the Group saw a significant increase in usage volume (e-commerce website activity) across its customer base reflecting the widely reported step increase in e-commerce adoption and activity. Time will tell whether this transition to e-commerce will be sustained but early indications suggest that this is continuing in to the third quarter.

The Group's focus on multi-year contract renewals has continued to bear fruit with 27 signed with an aggregate value of GBP10.7m in the year to date, up from 11 worth GBP3.9m in the same period in the prior year, and already more than signed in the full year 2019 (24 worth GBP4.9m). The Board believes this success in increasing the number and value of multi-year renewals reflects our focus on customer success, Net Promoter Score and our customers' growing confidence in our innovation roadmap.

As noted at the Group's AGM, the COVID-19 lockdown has inevitably impacted customers' decision making processes and has slowed the Company's new bookings in the first half of the year. Nevertheless, June saw the start of an improvement in new bookings as well as an uplift in business enquiries. The Company has a strong sales pipeline going into the second half of the year, particularly for the third quarter.

Whilst pleased with the year to date performance, future trading remains difficult to predict, in particular new bookings in the current environment. With a robust cash position, with net cash of GBP3.8m as at 30 June 2020, the Group is confident of its resilience going forward and believes that the increased adoption of e-commerce is a positive for the business in the medium term.

The Group expects to announce its Interim Results for the six months ended 30 June 2020 in late September.

For further enquiries please contact:

 
 Attraqt Group plc         07747 766 849 
 Eric Dodd, CFO 
 
 Canaccord Genuity         [phone] 
 Simon Bridges 
 Adam James 
 Tom Diehl 
 
 Alma PR                   [phone] 
 Rebecca Sanders-Hewett    [e-mail] 
 Susie Hudson 
 Sam Modlin 
 

About Attraqt Group plc

Attraqt powers exceptional shopping experiences for over 300 of the world's leading retail brands. The Company delivers omnichannel search, merchandising, and product & content personalization for retailers and brands. Simple-to-use interfaces and efficient workflows enable Merchandisers to take full control and enhance the value of smart automation with their own strategic expertise and creativity.

In 2019, Attraqt acquired Early Birds, the award-winning AI-driven personalization software provider. Together, the two companies combine Attraqt's pedigree in data-led search and merchandising capabilities to optimize product discovery and visual curation, with Early Birds' award-winning ability to empower learning algorithms to orchestrate and personalize the entire shopper journey. The benefits to retailers and brands will be the ability to orchestrate enhanced shopper journeys that also deliver superior commercial returns.

For more information visit www.attraqt.com

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July 23, 2020 02:00 ET (06:00 GMT)