Crossrider plc Trading Update (8026L)
July 24 2017 - 2:00AM
UK Regulatory
TIDMCROS
RNS Number : 8026L
Crossrider plc
24 July 2017
24 July 2017
Crossrider plc
("Crossrider", the "Group" or the "Company")
Trading Update
Crossrider (AIM: CROS), the B2C security software and online
distribution platform, today announces a trading update for the six
months ended 30 June 2017.
The Company is pleased to report that trading is in line with
expectations. Crossrider continues to make significant progress on
the Group's strategic priorities, with revenues for the first six
months of the year expected to be approximately $29.7 million and
adjusted EBITDA* in the region of $3.0 million.
Crossrider's core App Distribution division has performed
strongly in the first half with revenues expected to be $20.6
million (H1 2016: $18.2 million), reflecting the successful
expansion of Crossrider's B2C cyber security software business. The
Media division's performance continues to be stable with revenues
for the first six months in the region of $7.4 million (H1 2016:
$7.5 million).
Cash conversion for the first six months has continued to be
strong at c.90%, with the Company's cash balance as at 30 June 2017
standing at $67.9 million, including $6.4 million of acquisition
expenditure in the period (31 December 2016: $72.1m).
The Company has continued to expand its range of security
software products in the period. In March 2017, the Group announced
the acquisition of CyberGhost, a leading SaaS Virtual Private
Network provider. Crossrider is pleased to report CyberGhost
continues to perform ahead of expectations, proving the capability
of Crossrider's distribution platform in driving customer
engagement.
Ido Erlichman, Chief Executive Officer of Crossrider,
commented:
"Crossrider's first half performance further demonstrates the
Group's ability in executing on its software portfolio expansion
strategy through acquisitions and subsequent internal development.
This, alongside organic growth initiatives, leaves us well-placed
to drive future profitability and enhance shareholder value."
* Adjusted EBITDA is a non GAAP measure and a company specific
measure which excludes other operating income and expenses which
are considered to be one off and non-recurring in nature
Enquiries:
Crossrider plc via Vigo Communications
Ido Erlichman, Chief Executive
Officer
Moran Laufer, Chief Financial Officer
Shore Capital (Nominated Adviser
& Broker) +44 (0)20 3772
Bidhi Bhoma / Toby Gibbs 2496
Vigo Communications (Financial
Public Relations)
Jeremy Garcia / Fiona Henson /
Antonia Pollock +44 (0)20 7830
crossrider@vigocomms.com 9703
About Crossrider
Crossrider distributes and develops digital products in the
online security space. The Company utilises its proprietary digital
distribution technology to optimise its reach and create a superb
user experience. The Company offers products which provide online
security, privacy and optimal online experience. Crossrider's
vision is to provide and develop best-in-class digital products for
its customers and partners globally.
www.crossrider.com
This information is provided by RNS
The company news service from the London Stock Exchange
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