REG-Acuity RM Group Plc: AGM Statement

Acuity RMAnnouncement

10/07/2024 07:15

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

10 July 2024

 

Acuity RM Group plc

 

(“Acuity”, or the “Company”)

 

Annual General Meeting Statement (“AGM”)

 

At the AGM to be held today Angus Forrest, Executive Chairman, will read the
following statement to the meeting.

 

“The Company’s objective since the acquisition of Acuity Risk Management
Ltd has been, and continues to be, to accelerate revenue growth.  In the
period several milestones have been achieved including large contract wins and
a 45% increase in order values between 31 March 23 and 31 December 2023.

 

2023 Report & Accounts have been prepared using acquisition accounting as set
out in IFRS 3 and as appropriate for Acuity’s new status as a trading
company.  In previous years the Company prepared accounts as an investing
company. 

 

Businesses are created and built by people.  New management and talent were
recruited in 2023 and this has continued through the first half of 2024.  It
takes time for change to take effect and the full benefits to be visible. 
The main changes have been made with some contribution expected in 2024 and
they should be fully effective by mid 2025.

 

Notable achievements include:

 Orders won in H1 2024 -50% increase to £1,017,000 (H1 2023: £677,000)

Orders won in Q2 2024 - 81% increase to £693,000 (Q2 2023: £383,000) with
several opportunities postponed until H2 2024 including three potential orders
with a total value of £1,422,000.

Sales pipeline at 30 June 2024 -£7.9m (31 Dec £7.9m)

 First order from a US state in January 2024

 New partners in UK and US have been appointed

 Recruitment of:

  Finance director in Q4 2023

  Chief technical officer Q3 2023

  Experienced sales and marketing executives in Q2 2024

 

A recent development was the launch of a new counter terrorism product, STORM,
in April 2024, at an event in the Houses of Parliament. STORM is believed to
be the first product of its type and will enable event organisers to meet the
requirements of anticipated legislation.

 

We expect to be able to announce an accelerating rate of order wins and
developments in all areas of the business over the next 12 months.  In
particular we are redeveloping our core product, STREAM, so it incorporates
the latest technologies, remains at the forefront of risk management software
platforms available in the GRC market and has a suite of improvements built in
to maintain its competitive edge.

 

Fund raise - £1 million was raised in June to invest in the developments
outlined above. This should enable faster growth and increased value of orders
which in turn should be reflected in improving financial results.”

 

 

 For further information please contact:                               
 Acuity RM Group Plc                            www.acuityrmgroup.com  
 Angus Forrest                                  +44 (0) 20 3582 0566   
                                                                       
 WH Ireland (NOMAD & Broker)                    www.whirelandcb.com    
 Mike Coe / Sarah Mather                        020 7220 1666          
                                                                       
 Peterhouse Capital Limited (Joint broker)                             
 Lucy Williams / Duncan Vasey                   020 7469 0936          
 Clear Capital Markets Limited (Joint Broker)   020 3869 6080          
  Bob Roberts                                                          

 

Note to Editors

Acuity RM Group plc

Acuity RM Group plc (AIM: ACRM), is an established provider of risk management
services. Its award-winning software platform, STREAM®, which collects and
analyses data about organisations to improve business decisions and
management. It is used by around 70 organisations in markets including
government, utilities, defence, broadcasting, manufacturing and healthcare.

 

The Company is focused on delivering long term, sustainable growth in
shareholder value. In the short to medium term this is expected to come from
organic growth and thereafter may also come from complementary acquisitions.

 

 



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