Kape Technologies PLC Trading Update & Notice of Results (9052M)
January 17 2023 - 2:00AM
UK Regulatory
TIDMKAPE
RNS Number : 9052M
Kape Technologies PLC
17 January 2023
17 January 2023
Kape Technologies plc
("Kape," the "Company" or the "Group")
Trading Update
&
Notice of Results
Pro forma Adjusted EBITDA above guidance and revenue at the
upper end of guidance
Kape now servicing c. 7.4 million paying subscribers
Kape (AIM: KAPE), the digital security and privacy software
business, provides the following trading update for the year ended
31 December 2022 ("FY 2022").
The Company is pleased to report that 2022 has been Kape's
strongest year to date, with Pro forma Adjusted EBITDA for the full
year now expected to exceed guidance. For FY 2022, revenues are
expected to be at the upper end of guidance at c. $623 million (FY
2021: $230.7 million) and the Pro forma Adjusted EBITDA is expected
to be slightly above guidance at c. $ 173 million (FY 2021: $78.0
million). As of 31 December 2022, Kape served c. 7.4 million paying
customers globally, a 12% increase from the previous year.
The integration of ExpressVPN has exceeded expectations; in less
than a year Kape has successfully created one unified team across
management, product, R&D, marketing and customer support. The
Company realised $9 million of synergies in FY 2022 and expects to
realise the full planned operational synergies of $30 million in FY
2023.
In September 2022, the Company completed a significantly
oversubscribed capital raise of $222.5 million (GBP190.14 million),
evidencing strong support from investors for Kape's ambitious
organic and inorganic growth strategy.
In addition, the Company secured new committed debt facilities
of $425.0 million in November 2022 with its existing syndicate of
lenders and two new banks, adjusted leverage at the end of the
period is below 1x. This new banking facility replaced all existing
debt facilities, and has generated approximately $20 million in net
debt reduction, approximately $8 million in savings on financing
costs, and provides long term financing to support Kape's continued
growth.
Notice of Results
The Group expects to report its results for the year ended 31
December 2022 on 21 March 2023.
Ido Erlichman, Chief Executive Officer of Kape, commented:
"2022 was Kape's most successful year to-date. We not only
delivered substantial profitable growth and executed on our largest
integration exercise to date; we have also been able to further
strengthen our balance sheet.
Our overperformance, delivered against a turbulent financial
backdrop, further reinforces the growing demand for superior
privacy and security products. Kape's achievements are a testament
to the quality of our products and the determination of the teams
who are delivering them. Kape is now in an enhanced position to
accelerate our ambitious strategy. "
Enquiries:
Kape Technologies plc via Vigo Consulting
Ido Erlichman, Chief Executive Officer
Oded Baskind, Chief Financial Officer
Shore Capital (Nominated Adviser & Joint
Broker)
Toby Gibbs / Mark Percy / James Thomas /
Iain Sexton +44 (0)20 7408 4090
Stifel Nicolaus Europe Limited (Joint Broker)
Alex Price / Brad Topchik / Alain Dobkin
/ Richard Short +44 (0) 20 7710 7600
Vigo Consulting (Financial Public Relations)
Jeremy Garcia / Kendall Hill
kape@vigoconsulting.com +44 (0)20 7390 0237
About Kape
Kape is a leading 'privacy-first' digital security software
provider to consumers. Through its range of privacy and security
products, Kape focuses on protecting consumers and their personal
data as they go about their daily digital lives.
Kape has c. 7.4 million paying subscribers, supported by a team
of over 1,400 people across ten locations worldwide. Kape has a
proven track record of revenue and EBITDA growth, underpinned by a
strong business model which leverages our digital marketing
expertise.
Through its subscription-based platform, Kape has fast
established a highly scalable SaaS-based operating model, geared
towards capitalising on the vast global consumer digital privacy
market.
www.kape.com
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END
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