i-nexus Global PLC Trading Update (7728F)

TIDMINX

RNS Number : 7728F

i-nexus Global PLC

31 October 2018

31 October 2018

i-nexus Global plc

("i-nexus", the "Company" or the "Group")

Trading Update

i-nexus Global plc (AIM: INX), a provider of cloud-based Strategy Execution software solutions designed for the Global 5000, today provides the following trading update for the year ended 30 September 2018.

The Board expects to report a 15% increase in total recognised revenue for the year at approximately GBP4.7 million (FY17: GBP4.1 million), in line with management expectations. Period end net cash is expected to be GBP6.2 million, following the successful IPO in June 2018, which raised GBP8.9 million after expenses. In line with its stated strategy i-nexus has made considerable progress investing the funds raised to support its growth strategy and capitalise on the Company's significant market opportunity in Strategy Execution software, particularly in Hoshin-based solutions. A number of key hires have been made, particularly in sales and marketing, both in the UK and the USA.

Despite some weaker than expected pipeline conversion in Q3 of FY18, target Monthly Recurring Revenue ("MRR") returned towards more normalised levels in Q4 and the Company closed FY18 at an MRR run rate of GBP341k. The current positive market dynamics, evidenced by a strong and growing new business pipeline are expected to generate good growth in revenue in FY19. In addition, the strategic internal investments made since IPO are expected to feed through in the second half of the current year, thereby delivering operational benefits for the Company.

The Company expects to announce results for the year ended 30 September 2018 in early December 2018.

Simon Crowther, Chief Executive, of i-nexus Global plc, commented:

"We were delighted to achieve a successful IPO and welcome new shareholders to the Group in the year, against a solid financial performance for FY18. The Group is now well-funded to meet its objectives and since our admission to AIM in June we have added significantly to our resources, in line with our growth strategy. As a result, we are seeing a considerable improvement in our new business pipeline. As these new investments bed in we expect to see growth begin to accelerate in the second half of FY19. With a blue-chip customer base, proven enterprise-grade Strategy Execution software and enlarged sales and marketing team, we are confident in the long-term prospects for i-nexus."

For further information please contact:

 
 i-nexus Global plc                          Via: Alma PR 
  Simon Crowther, CEO 
  Alyson Levett, CFO 
 N+1 Singer (Nominated Adviser and Broker)   Tel: [phone] 
  Shaun Dobson / Lauren Kettle (Corporate 
  Finance) 
  Tom Salvesen (Corporate Broking) 
 Alma PR                                     Tel: [phone] 
  Caroline Forde / Josh Royston / Robyn 
  Fisher 
 

About i-nexus Group plc

i-nexus supports some of the largest global companies in running, improving and changing their businesses through the provision of a scalable, enterprise-grade, cloud-based Continuous Improvement ("CI") and Strategy Execution ("SE") software platform. The platform is in use at global blue-chip businesses, predominantly based across the US and Europe, helping customers execute key strategic goals throughout all levels and divisions of their organisations.

The Group's software supports Hoshin Kanri, a strategy development methodology first introduced in the 1960s in Japan and born out of lean, six sigma and operational improvement theory. Hoshin Kanri (directly translated as "direction execution") is a systematic planning, implementation and review methodology which, when implemented, aims to ensure that the strategic goals of a company are properly communicated to all employees and that they drive progress and action at every level of the business.

i-nexus is headquartered in Coventry, UK and employs over 60 staff.

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October 31, 2018 03:00 ET (07:00 GMT)