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