REG - Merit Group PLC - Trading Update

MeritAnnouncement

28/04/2022 07:00

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RNS Number : 5981J  Merit Group PLC  28 April 2022

28 April 2022

 

Merit Group plc (formerly Dods Group plc)

("Merit", the "Company" or "the Group")

 

Merit Group plc, the data and intelligence business, provides the following
trading update for the year ending 31 March 2022.

The Group traded ahead of market expectations in the year. Revenues for the
year ending 31 March 2022 were over 10% up year on year, contributing to
adjusted EBITDA being ahead of market expectations at around £2.8m (FY22
£2.0m). Stronger trading contributed to the Group finishing the year with net
debt also better than market expectations at £2.2 million (pre lease
liabilities).

In April 2021 the Group changed its name from Dods Group to Merit Group to
signal its intention to focus on the business intelligence sector through its
technology enabled data and intelligence business streams. The Group is a
leading provider of UK and European political intelligence to a subscriber
base of c1000 blue chip clients. Through its Merit Data & Technology
division, based in Chennai, India, the Group also provides large volume data
capture and analysis using its proprietary technology and skilled workforce.
Both these parts of the Group benefit from very high levels of recurring
revenue, with the political intelligence product sold as a long term
subscription service.

The Board is encouraged by the improvement in its revenue during the year and
expects to build on this during the year ending 31 March 2023. The global
implications of the war in Ukraine and ongoing inflationary pressures across
the world economy are risk factors faced by all.

Full details of the Company's performance in the year ending 31 March 2022
will be disclosed with the publication of its audited results in July.

David Beck, CEO of Merit Group plc, said;

"We look forward to publishing audited results for the year that will show a
continuing recovery in both revenue and adjusted EBITDA, ahead of market
expectations. The Group's recovery and improved financial performance will
allow us to concentrate on our strategic goal of building a strong growth
company focused on technology enabled business intelligence."

For further information, please contact:

 

Merit Group plc

Mark Smith - Non-Executive Chairman
                                            020 7593
5500

David Beck - CEO

www.meritgroupplc.com (http://www.meritgroupplc.com)

 

Canaccord Genuity Limited (Nomad and Broker)

Bobbie
Hilliam
020 7523 8150

Georgina McCooke

Prior to publication the information communicated in this announcement was
deemed by the Company to constitute inside information for the purposes of
article 7 of the Market Abuse Regulations (EU) No 596/2014 as amended by
regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations No
2019/310 ('MAR'). With the publication of this announcement, this information
is now considered to be in the public domain. This announcement is being made
on behalf of the Group by David Beck, Chief Executive Officer.

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