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IDE Ide Group Holdings Plc

72.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ide Group Holdings Plc LSE:IDE London Ordinary Share GB00BN4M3M55 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 72.50 70.00 75.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

IDE Group Holdings PLC Trading Update (3851S)

11/03/2019 7:01am

UK Regulatory


Ide (LSE:IDE)
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From Mar 2019 to Mar 2024

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TIDMIDE

RNS Number : 3851S

IDE Group Holdings PLC

11 March 2019

IDE Group Holdings Plc

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

Trading Update

IDE, the mid-market network, cloud and IT Managed Services provider, is pleased to provide an update on the Group's trading performance for the year to 31 December 2018.

As announced on 10 January 2019, GBP7.2 million of annualised staff cost reductions were implemented in 2018, with further reductions identified since the year end bringing the total to GBP7.8 million. Various operational cost savings have also been realised including a reduction in software licencing costs and property costs.

The Board is pleased to report that as a result of these cost savings the trading performance of the Group improved in the second half of the year. Furthermore, the Company reached a settlement in relation to an outsourced service contract which will result in a saving of c.GBP3 million over the next three years, therefore the provision made at the time of the interim results has now been reversed. Consequently, the Group now expects to report a significantly reduced loss at Adjusted EBITDA* level for the full year compared to that reported in the interim results for the six months to 30 June 2018. Following the rationalisation of the cost base, the Group expects to report a much improved trading performance in 2019.

In addition to the progress having been made in relation to the Group's cost base, several of the Group's material customers renewed their contracts with IDE towards the end of the year, some on a multi-year basis; these contracts have a total contract value of c.GBP3.6 million.

In January 2019 IDE announced a GBP10 million loan note issue, supported by the Company's largest shareholders, the proceeds of which would be used to repay the Group's outstanding debt facilities with National Westminster Bank plc and provide additional working capital. The loan notes provide long term funding for the Group, thereby affording security for all the Group's stakeholders and providing a secure financial platform on which IDE can build.

* before net finance costs, tax, depreciation, impairment charges, amortisation, exceptional items and share based payment charges

 
 IDE Group Holdings Plc                      Tel: +44 (0)344 
  Andy Parker, Executive Chairman             874 1000 
 finnCap Limited                             Tel: +44 (0)20 7220 
  Nominated Adviser and Broker                0500 
  Corporate finance: Jonny Franklin-Adams/ 
  Scott Mathieson/ Hannah Boros 
  ECM: Tim Redfern/ Richard Chambers 
 MXC Capital Markets LLP                     Tel: +44 (0)20 7965 
  Financial Adviser                           8149 
  Charlotte Stranner 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

March 11, 2019 03:01 ET (07:01 GMT)

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