REG - Tialis Essential IT - Trading Update

Tialis Essential ITAnnouncement

26/07/2023 07:00

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RNS Number : 1778H  Tialis Essential IT PLC  26 July 2023

Tialis Essential IT Plc

 

("Tialis" or the "Company")

 

Trading Update

 

IDE, the mid-market IT Managed Services provider, is pleased to provide an
update on trading for the 6 months ended 30 June 2023 (the "Period").

 

Financial highlights:

 

●     The business has continued to grow in line with market
expectations

●     Revenue for the Period expected to be no less than £11.5m

●     Adjusted EBITDA(1) in the Period expected to be no less than
£1.2m

Operational highlights:

●     Completion of acquisition of profitable partner contracts from
Allvotec, a division of Daisy Group

●     Appointment of Nick Bedford to the board as a non-executive
director, broadening the skillset and independence of the board

●     Three key Allvotec contracts have been extended beyond original
plan for a further two years

●     Six new lifecycle contracts have recently commenced or are
starting imminently

●     National WiFi rollout won with a UK water company with expected
value of £1m

●     Started new media company contract which will rise to an
annualised value in excess of £1 million from 1st July for up to seven years

●     Awarded new million pound plus support contract for national power
supplier

●     Started an all Lifecycle contract with major car rental company

●     Significant new channel partnership in the final stages of
agreement for lifecycle services

●     Very healthy pipeline of new prospects

 

Andy Parker, Executive Chairman, commented:

"The start to this year hasn't been without its challenges, with some major
contracts having a delayed start but that aside we have delivered a strong
first half with real momentum being felt in sales activity and conversion into
new customers. We will now see the benefit of the delayed contracts in H2
which fills us with confidence for the full year outturn to deliver against
market expectations. Furthermore, the board notes the continued decline in
share price and is considering whether or not to use its authorities to buy
back shares on the market if it deems it to be the best use of capital and
accretive to shareholders."

 

 

For more information, contact:

 

 Tialis Essential IT Plc                               Tel: +44 (0)344 874 1000

 Andy Parker, Executive Chairman

 finnCap Limited                                       Tel: +44 (0)20 7220 0500

 Nominated Adviser and Broker

 Corporate finance: Jonny Franklin-Adams/ Abby Kelly

 ECM: Tim Redfern

Notes:

(1) Adjusted EBITDA excludes share-based payment charges along with
depreciation, amortisation, interest, and tax from the measure of profit.

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU No.
596/2014) which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

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