Outsourcery PLC Notice of Results and Trading Update (1449W)

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RNS Number : 1449W

Outsourcery PLC

25 April 2016

25 April 2016

OUTSOURCERY PLC

("Outsourcery" or the "Company")

Notice of Results and Trading Update

Outsourcery plc (AIM: OUT, 'Outsourcery' or 'the Group'), the leading Cloud Service Provider and provider of cloud-based unified communications solutions, announces it will release its full year results for the year ended 31 December 2015, by 30 June 2016.

The unaudited financial results for the year ended 31 December 2015 were as follows:

 
                                     FY 2015     FY 2014    Change 
---------------------------------  ----------  ----------  ------- 
 Group Revenue                       GBP8.1m     GBP7.4m     +9% 
---------------------------------  ----------  ----------  ------- 
  - monthly recurring revenue        GBP0.7m     GBP0.6m     +14% 
---------------------------------  ----------  ----------  ------- 
 Adjusted EBITDA*                   (GBP4.0m)   (GBP4.6m)   (11%) 
---------------------------------  ----------  ----------  ------- 
 Adjusted (loss) from continuing 
  operations**                      (GBP6.2m)   (GBP6.3m)    (2%) 
---------------------------------  ----------  ----------  ------- 
 Adjusted (loss) per share***        16.13p      16.40p      (2%) 
---------------------------------  ----------  ----------  ------- 
 Gross Cash                          GBP0.9m     GBP2.5m    (64%) 
---------------------------------  ----------  ----------  ------- 
 

*Adjusted EBITDA is defined as earnings before finance costs, tax, depreciation and amortisation, restructuring costs, employee share based payment costs and listing fees and is considered by the Directors to be a key measure of financial performance.

**Adjusted (loss) from continuing operations is defined as earnings before restructuring costs, employee share based payment costs and listing fees.

***Adjusted (loss) per share has been disclosed to give a clear understanding of the Group's underlying trading performance. It has been calculated using the underlying earnings figures above and the weighted average number of ordinary shares in issue.

Whilst the full year results and current trading are in line with the Board's expectations, this view factors in that revenue growth from the Company's strategic partners has been impacted by further partner product launch delays outside of Outsourcery's control.

The Company will require further funding for short term working capital purposes and is therefore investigating alternative solutions to its short term cash needs including fundraising, restructuring and the disposal of non-strategic business assets. The Company is in an ongoing dialogue with its principal secured lender to agree certain consents required to allow for an appropriate solution to be implemented, which is expected to provide working capital for the ongoing unified communications business.

The Company also continues to develop its direct sales capability and revenue opportunities with certain of its partners to concentrate on its developing market-leadership position in cloud-based Skype for Business. Further details of customer wins will be provided in due course.

For further information please contact:

 
 Outsourcery plc 
  Piers Linney, Co-CEO 
  Simon Newton, Co-CEO                       [phone] 
  Investec 
   Andrew Pinder / Patrick Robb / Dominic 
   Emery                                     [phone] 
  FTI Consulting 
   Matt Dixon / Rob Mindell                  [phone] 
 

About Outsourcery

Outsourcery is a leading UK-based Cloud Service Provider ("CSP"), which aims to remove the need for organisations to own and manage on-premise IT, unified communications and collaboration applications and infrastructure.

Outsourcery offers hosted software applications (software-as-a-service), cloud infrastructure (infrastructure-as-a-service) and next generation unified communications and collaboration solutions based on Microsoft Skype for Business and is capable of fully integrated solutions to meet the needs of customers, partners and the UK public sector alike.

Outsourcery's O-Cloud platform has been certified to run government classified information at 'Official' and 'Official sensitive' over the internet. This gives Outsourcery CESG Pan Government Accreditation ("PGA") to meet data sovereignty and security specifications for the public sector.

Outsourcery has 110 employees, with offices in Manchester, London and Leicester.

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April 25, 2016 02:01 ET (06:01 GMT)