Rosslyn Data Technologies PLC AGM Statement (6928F)

TIDMRDT

RNS Number : 6928F

Rosslyn Data Technologies PLC

30 October 2018

30 October 2018

Rosslyn Data Technologies plc

('Rosslyn', 'the Company' or 'the Group')

AGM Statement

The Chairman will deliver the following trading update to investors at the Company's Annual General Meeting, which is due to be held at 11.00 a.m. today:

"I am pleased to report to our Annual General Meeting that we have made good progress since the beginning of this financial year. The strategy, outlined to investors last year, is on track and we are overall very satisfied with progress to date.

"Since the start of this financial year, management has been focused on delivering the growth expectations for this year and beyond, ensuring that the Group is in a position to achieve its forecasts and targets for the year. To that end, we have been concentrating our attention on opportunities to introduce significant efficiencies into the company whilst delivering the RAPid platform to a wide audience. This process is continuous, and we will focus our efforts on growing our client base and expanding our offerings to our current clients, whilst maintaining a streamlined efficient operation. Our focus on revenue generation within the high growth procurement and supply chain domain is proving to be positive and we have secured two significant contracts since the year end from global organisations.

"Management have been cognisant of the Company's cash position and have significantly reduced cash burn, reducing the burn from GBP1.3M in the first half of last year to less than GBP200K for the current first half. As the second half of our fiscal year has a significantly lower cash burn, this gives us confidence we will end the year in a cashflow positive position.

"With regard to product development, our team of expert developers continue to build technologies which disrupt the market. Our RAPid Extract Studio, enabling fast and efficient automated extraction from the major ERP systems and extraneous data sources, brings together simplicity and speed whilst our dynamic data scheme and data AI engine, delivers exceptional functionality and flexibility to address our client's ever-changing data needs for accurate insights. In addition, our automated processes (RPA) for event driven analytics are at the leading-edge of the market and enables our clients to efficiently achieve their financial, operational and compliance objectives. We believe these applications fully integrated into the RAPid platform and delivered as business solutions, will continue to develop differentiation between Rosslyn and our competitors, and help our clients create sustainable value from their data and human capital assets.

"Recent wins have demonstrated the strength and benefits that RAPid delivers to clients. The extremely low churn rate (below 5%) demonstrates the reliability and stability of the Rosslyn Platform and the role our account management teams have in the success of our clients. Our continued investment into the platform and the development of technologies within the data environment truly make Rosslyn a company to watch.

Quickly providing an update on the integration of Integritie. The amalgamation of the two companies has been as successful as we could hope, with the expected synergies identified being realised and in many cases, exceeded. The two platforms are now fully unified with our solutions available to our clients.

"Lastly, before going to the vote on resolutions, I would like to take this opportunity to thank all the employees of the Group, who have contributed so much to the growth and development of Rosslyn, and our shareholders for their continuing support."

Enquiries:

 
 Rosslyn Data Technologies    Roger Bullen,               [phone] 
  plc                          Chief Executive Officer     [phone] 
  Lance Mercereau 
   Chief Marketing Officer                                [phone] 
 Cenkos Securities 
  Nominated Adviser, 
  Broker                      Stephen Keys                [phone] 
 

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END

AGMUROKRWVARORA

(END) Dow Jones Newswires

October 30, 2018 05:38 ET (09:38 GMT)