REG - Gunsynd PLC - Investee Company Update – Low 6

GunsyndAnnouncement

29/02/2024 07:15

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RNS Number : 8685E  Gunsynd PLC  29 February 2024

Gunsynd PLC

 

("Gunsynd" or the "Company")

 

Investee Company Update - Low6

 

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it has received
an update from its investee company Low6 Limited ("Low6") which continues to
grow and develop a next-generation sports betting platform.

 

Low6 has continued to build revenue and has now traded profitability for all
seven months of the current financial year being July 2023 through to January
2024. Monthly revenues have risen to just under £400k per month.

 

The company forecasted revenue of £4.5m for FY24 (July 2023-June 2024), and
the company is on target to surpass that having contracted over £3.9m between
1 July 2023 and 31 January 2024 and with five trading months to follow, the
company anticipates that it will hit its revenue target for FY24. This
compares to audited revenue for the company for the year ended 30 June 2022 of
£854,851.

The company continues to pay down legacy debts accumulated prior to October
2022 and Low6 believe that these payments will be insignificant to the company
by Q3 2024.

 

The Company has £265,000 invested in Low6.  More information on Low6 can be
found at https://low6.com/ (https://low6.com/) .

Peter Ruse, a director of Gunsynd, commented: "Amongst a backdrop of
incredibly challenging trading conditions, the management of Low6 have
navigated the business into monthly positive EBITDA. The company has continued
to build the revenues and have now traded profitability for all seven months
of the company's current financial year, 1 July 2023 to January 2024. The
management of Low6 have repositioned the business to focus on licensing its
software offering to clients and have developed a varied customer base and
have maintained an excellent customer retention rate. Gunsynd continues to
remain encouraged with the businesses ability to adapt and grow in difficult
market conditions and look forward to the company's ongoing growth and
profitability."

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
Company's ability to execute and implement future plans, and the occurrence of
unexpected events.  Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.

The Directors of Gunsynd accept responsibility for this announcement.

For further information please contact:

 

 Gunsynd plc

 Hamish Harris/ Peter Ruse     +44 (0) 78 7958 4153

 Cairn Financial Advisers LLP

 James Caithie / Liam Murray   +44 (0) 20 7213 0880

 Peterhouse Capital Limited

 Lucy Williams                 +44 (0) 20 7469 0936

 

 

 

 

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