We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Maestrano Group Plc | LSE:MNO | London | Ordinary Share | GB00BYZQM590 | 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% | 12.50 | 12.00 | 13.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMNO
RNS Number : 7363X
Maestrano Group PLC
01 May 2019
1 May 2019
Maestrano Group PLC ("Maestrano" or the "Company" or the "Group")
Trading Update
Update on Major US Banking Project
Maestrano Group PLC (AIM: MNO), the open platform for banking integration, master data management and business analytics announces a trading update resulting from a change in customer priorities.
Maestrano has recently completed delivery of its data visualisation and business intelligence (BI) platform as part of phase 1 of a strategic project for a major US based banking customer. This platform has been marketed to a sample cohort of their business customers, and customer uptake rates have been in line with project expectations.
However, the bank has taken a decision to focus on other areas of its technology and intends to close the BI platform by 30 September 2019. New functionality will continue to be added by Maestrano over the months ahead and further learning achieved from user feedback. The projected subscriber income from the platform formed the major part of Maestrano's revenue forecast and accordingly this change will have a dramatic negative impact on the revenue outlook. The Board intends to reengineer the business to focus on opportunities in the pipeline and the Company has adequate capital reserves to support this new business plan. Further announcements will be made in due course.
Andrew Pearson, CEO of Maestrano, commented:
"I am proud of the product we have developed. We will now focus on bringing forward new features from our roadmap, benefiting current customers and improving our sales proposition for future customers. We have two Australian clients going live with pilots during May and we continue to pursue opportunities with UK and Eurozone banks, which we believe will lead to new contracts in due course."
Ian Buddery, Chairman of the Board, said:
"Whilst we are very disappointed with this development, we have built a strong working relationship with the bank which may lead to future projects with them. We are also fortunate in having adequate capital reserves to support the business as we look ahead. We hope that shareholders will recognise our fundamental strengths and perceive the longer-term opportunities. Meanwhile we are seeing confirmation of our product strategy on a regular basis, as many banks express their intention to build digital customer engagement platforms."
Enquiries:
Maestrano Group plc c/o IFC Ian Buddery, Chairman Andrew Pearson, CEO Grant Thornton (Nominated Adviser) +44 (0)20 7383 Colin Aaronson / Jamie Barklem 5100 Arden Partners (Broker) +44 (0)20 7614 Ruari McGirr / Ciaran Walsh / Alex Penney 5900 IFC Advisory Limited (Financial PR & IR) Graham Herring / Miles Nolan / Zach Cohen graham.herring@investor-focus.co.uk +44 (0)20 3934 miles.nolan@investor-focus.co.uk 6630
About Maestrano
Maestrano develops and deploys a patented cloud-based Platform as a Service that serves the needs of Small to Medium Businesses (SMBs) and large Enterprises (such as major banks and global accounting firms) to access real time, automated management data efficiently on an integrated platform. This technology is called Master Data Management (MDM).
Further information on the Group is available at www.maestrano.com
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
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
TSTLIFVAEVILIIA
(END) Dow Jones Newswires
May 01, 2019 05:36 ET (09:36 GMT)
1 Year Maestrano Chart |
1 Month Maestrano Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions