Defenx plc Trading Update (1280D)

TIDMDFX

RNS Number : 1280D

Defenx plc

29 January 2018

29 January 2018

Defenx PLC

("Defenx" or the "Company" or, together with its subsidiaries, the "Group")

Trading Update

Defenx PLC (AIM:DFX), the cyber-security software group, provides the following update.

The Company confirms that, as previously advised and for the reasons set out in its announcement of 25 October 2017, the revenues for the year ended 31 December 2017 will be materially below those in the previous year ended 31 December 2016 and that the Company will report a significant loss for the full year.

The Company is pleased to announce that following the appointment of Alessandro Poerio as Chief Executive Officer in November 2017, progress has been made in developing a corporate sales pipeline focused particularly on the Group's cloud offering, which continues to attract significant customer interest. Progress has also been made in bringing the Group's development activities in house enabling our team to continue to address the previously announced performance and back-end integration issues. The Company anticipates providing a further update on its strategy and prospects together with a detailed trading update by late February.

The collection of trade debtors remains difficult with limited collections since mid-November 2017. Management continues to pursue all options to collect amounts due to the Group, including legal proceedings, to accelerate the collection of outstanding trade debtors and secure new orders from historical and new customer relationships.

As at 22 January 2018, the Company had EUR0.81 million of cash and undrawn facilities of approximately EUR0.75 million (consisting of a GBP450,000 supply chain facility, EUR173,000 invoice discounting facilities and an overdraft of EUR20,000). In the event that cash collection remains weak, the Group is unable to drawdown its facilities and new orders do not come through as expected, the Group may be required to seek additional funding in late-Q2 2018.

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

Enquiries

 
 Defenx PLC 
  Alessandro Poerio - Chief Executive 
  Officer 
  Philipp Prince - Chief Financial Officer    020 3769 0687 
 
 IFC Advisory (Financial PR and IR) 
  Tim Metcalfe / Graham Herring / Heather 
  Armstrong                                   020 3934 6630 
 
 Strand Hanson Limited (Nominated and 
  Financial Adviser) 
  Angella Hallett / Richard Tulloch / 
  James Bellman                               020 7409 3494 
 
 WH Ireland (Joint-Broker) 
  Adrian Hadden / Alex Bond                   020 7220 1666 
 
 Beaufort Securities (Joint-Broker) 
  Jon Belliss                                 020 7382 8300 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 29, 2018 02:00 ET (07:00 GMT)