Blancco Technology Group PLC Updates on revenue and management (6938P)

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RNS Number : 6938P

Blancco Technology Group PLC

04 September 2017

4 September 2017

Blancco Technology Group PLC

("Blancco", or the "Group")

UPDATES ON REVENUE AND MANAGEMENT

Blancco Technology Group plc announces that, following matters that have recently come to the Board's attention, the Board has decided to reverse GBP2.9m of revenues represented in two contracts that had previously been booked during the financial year ended 30 June 2017. As a consequence we now expect revenues for the financial year ended 30 June 2017 to have increased by approximately 29% over the prior year, approximately 15% in constant currency. This correction means that Adjusted Operating Profits will be not less than GBP2.6m and Adjusted EBITDA not less than GBP4.1m for the financial year ended 30 June 2017 (subject to fully closing the accounts and audit). Cash flow for the financial year is not impacted.

Pat Clawson, Chief Executive Officer, has decided that it is in the best interests of the Company that he should step down from the Board with immediate effect. Accordingly, he will be leaving the Company and Simon Herrick, our interim Chief Financial Officer, has agreed to become our Chief Executive Officer on an interim basis.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Blancco by Lorraine Young Company Secretaries Limited, Company Secretary of Blancco.

Enquiries:

Blancco Technology Group Plc [phone]

Simon Herrick, Interim Chief Executive Officer & Chief Financial Officer

Peel Hunt LLP (Nominated Adviser and Broker) [phone]

Edward Knight

Panmure Gordon (UK) Limited (Joint Broker) [phone]

Dominic Morley, Corporate Finance

Charles Leigh Pemberton, Corporate Broking

Tulchan Communications [phone]

Tom Murray

About Blancco:

Blancco Technology Group is a leading global provider of mobile device diagnostics and secure data erasure solutions. For more information, please visit www.blancco.com

Cautionary statement:

This announcement contains forward--looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward--looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward--looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could, is con ident, or other words of similar meaning. Undue reliance should not be placed on any such statements because they speak only as at the date of this document and, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and Blancco's plans and objectives, to differ materially from those expressed or implied in the forward looking statements.

There are a number of factors which could cause actual results to differ materially from those expressed or implied in forward--looking statements. Among the factors that could cause actual results to differ materially from those described in the forward--looking statements are; increased competition, the loss of or damage to one or more key customer relationships, the outcome of business or industry restructuring, changes in economic conditions, currency fluctuations, changes in laws, regulations or regulatory policies, developments in legal or public policy doctrines, technological developments, the failure to retain key management, or the key timing and success of future acquisition opportunities or major investment projects.

Blancco undertakes no obligation to revise or update any forward--looking statement contained within this announcement, regardless of whether those statements are affected as a result of new information, future events or otherwise, save as required by law and regulations.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 04, 2017 02:00 ET (06:00 GMT)