REG - Rosslyn Data Tech. - Trading Update

Rosslyn Data TechnologiesAnnouncement

04/03/2024 07:00

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RNS Number : 3633F  Rosslyn Data Technologies PLC  04 March 2024

4 March 2024

 

Rosslyn Data Technologies plc

("Rosslyn" or the "Company")

 

Trading Update

 

Rosslyn (AIM: RDT), the provider of a leading cloud-based enterprise data
analytics platform, provides the following update on trading for the year
ending 30 April 2024.

 

The Company is pleased to report that since the interim results announcement
on 25 January 2024, the Company has continued to expand its total pipeline,
which remains larger than at the same point last year. Importantly,
discussions with sizable new partners have continued to progress. Whilst the
Board remains hopeful that at least one of these contracts will be signed
before the current financial year end, the Board recognises that the size and
nature of the opportunities has meant that there have been extended timeframes
for interactions with partners of this scale. As such, timelines for
concluding these contracts are correspondingly more protracted than originally
anticipated and the Board now expects that only a limited amount of revenue
from these contracts will be recognised in the current financial year.
Consequentially, the Company expects to report revenues for the year ending 30
April 2024 in the range of approximately £2.8m-£3.0m, with a corresponding
adj. EBITDA loss of between approximately £2.6m-£2.8m. Cash and cash
equivalents as at 29 February 2024 were approximately £800k. The Board
continues to closely monitor cash to ensure that the Company has sufficient
resources to execute its growth strategy. Cash burn and customer acquisition
cost are expected to reduce as the Company converts its pipeline in the coming
weeks and the Company is seeking to improve contract payment terms to include
upfront payments.

 

The Board is encouraged by the strengthening of the customer and partner
engagement that the Company is experiencing and is confident of securing
further sizeable contracts in the near-term. It also looks forward to the
launch of Rosslyn's next-generation generative AI module, which has received
excellent feedback from customers during the trial phase and which offers a
transformational opportunity. Accordingly, whilst the immediate period is not
without challenges, the Board remains confident in the Company's prospects.
 

 

The Company will keep the market updated on its progress.

 

This announcement contains inside information.

 

 

Enquiries

 

 Rosslyn
 Paul Watts, Chief Executive Officer                                                     +44 (0)20 3285 8008

 James Appleby, Chairman

 Cavendish Capital Markets Limited (Nominated adviser and Broker)
 Stephen Keys/Camilla Hume/George Lawson                                                 +44 (0)20 7220 0500

 Gracechurch Group (Financial PR)
 Claire Norbury/Anysia Virdi                                                             +44 (0)20 4582 3500

 

 

About Rosslyn

 

Rosslyn (AIM: RDT) provides an award-winning spend analytics and predictive
analytics platform. The Rosslyn Platform helps organizations with diverse
supply chains mitigate risk and make informed strategic decisions. It
leverages automated workflows, artificial intelligence and machine learning to
extract and consolidate procurement data providing visibility of complex
supplier data, enabling supplier spend savings and delivering rapid ROI. For
more information visit www.rosslyn.ai (http://www.rosslyn.ai)

 

 

 

 

 

 

 

 

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