Boxhill Technologies PLC Trading Update (4551B)
07 10월 2015 - 3:00PM
UK Regulatory
TIDMBOX
RNS Number : 4551B
Boxhill Technologies PLC
07 October 2015
7 October 2015
Boxhill Technologies plc
("Boxhill" or the "Company")
Trading Update
The Board of Boxhill, the payment software and lottery group, is
pleased to provide a post year-end trading update. For the year to
31 July 2015 the Company anticipates to generate an operating
profit of between GBP600,000 and GBP650,000 on revenues of between
GBP2.0m and GBP2.1m, based on unaudited management figures. The
Company expects to publish its audited annual report and accounts
for the year to 31 July 2015 in November 2015. Revenues are
expected to be 40-50% above last year, compared with previous
management expectations of at least double. This has been due to
certain contracted business falling into the new financial year
that was anticipated to be in the year to 31 July 2015, which in
turn has resulted in the current year getting off to a strong
start. Operating profits continue to increase, not just compared
with the year to 31 July 2014, but also comparing the second and
first halves of the year to 31 July 2015.
HIGHLIGHTS
-- Significant increase in channel sales partners
-- Broadening spread of customers
-- New casino games
Payments Division
The payments division has made progress in developing sales
channel partners in the UK, Europe and Australia giving access to a
diverse range of customers across all types of e-commerce. The
board of Boxhill believe that the potential value of these
customers is significant and it is hoped that the Company will
realise a significant uplift in revenues without significant
increase in costs during the current financial year.
Casino Cash Machines
The Casino Cash machines remain in redevelopment, implementing
improvements based on the lessons from the pilot scheme which are
taking a little longer than planned. Additionally, the funding
model for the machines, now that the Company is profitable, will
change to reflect the Company's stronger operational and financial
position with the aim of improving the effect on cash flow and
finding a solution that reflects shareholders' needs.
Lottery Division
Prize Provision Services Limited ("PPSL"), the Company's lottery
operating subsidiary, continues to make progress with technology
upgrades and the Company can now look forward to improving its
performance on the new platform. PPSL is now making upgrades to its
client administration area, which are due to be completed in Q4
this year, and introducing Paperless Direct Debit for player
registrations across all customers following a successful trial of
Direct Debit which commenced in July 2015. The introduction of
Paperless Direct Debit will give an improved quality of service to
PPSL clients and offers efficiency benefits to PPSL through the
elimination of much of the paperwork and postage costs associated
with Direct Debit. Telesales techniques can also be employed to
help increase sales conversions.
Soccerdome
The Company is working with Nottingham Council to open 5 and
7-a-side pitches at the newly opened state-of-the-art Harvey Hadden
Sports Village in Billborough, Nottingham ("HHSV"). The GBP16m
redevelopment of HHSV is the largest single investment under
Nottingham City Council's Leisure Transformation Programme.
Details of HHSV can be found at
http://www.nottinghamcity.gov.uk/harveyhadden.
The Company is currently negotiating a joint venture to operate
and finance the expansion of the Soccerdome business now that HHSV
is open (the "JV"). The JV would remove the capital cost of
financing the expansion of the site from the Company's balance
sheet, while providing the Company's shareholders with an
attractive return on its investment to date. The Company's proposed
partner in the JV is a company controlled by James Rose, a
substantial shareholder in the Company and a director of PPSL, so
any transaction between Boxhill and the proposed JV partner is
likely to constitute a related party transaction under the AIM
Rules for Companies. Further details of the proposed JV are
expected to be announced in October 2015.
Phil Jackson, Chief Executive, commented:
"Our work on improving profitability has clearly shown the
results we wanted, and we continue to win new business, with the
biggest opportunities achieved by partnering with larger
organisations who do not have the technology or knowhow to deal
with the more lucrative sectors in e-commerce, where we have the
technology to help them access or improve their performance in
these higher margin markets. Bringing on these new larger partners
lead to some delays in contracted business going live, meaning that
revenues coming on stream were later than planned.
Since the last update we have successfully integrated with two
larger payment companies who have already delivered eight large
customers, with the goal of adding one major customer per week. We
also continue to win direct business.
In addition, new gaming opportunities are being developed
including mobile slots games developed in conjunction with one of
our customers, with an inbuilt payment and profit share system that
encourages players to effectively become affiliates, creating a
viral distribution network.
The team is working hard and I believe by concentrating on the
fundamentals of improving profits, winning customers and carefully
adding services we will deliver continuously improving results and,
in turn, shareholder value."
For further information contact:
Boxhill Technologies
PLC 020 7618 9000
--------------------------------- -----------------------
Philip Jackson, CEO
--------------------------------- -----------------------
Website www.boxhillplc.com
--------------------------------- -----------------------
Allenby Capital Limited
(Nomad & Broker) 020 3328 5656
--------------------------------- -----------------------
Nick Harriss/Nick Athanas/James
Reeve
--------------------------------- -----------------------
Walbrook PR - Financial
PR 020 7933 8780
--------------------------------- -----------------------
Nick Rome/Sam Allen boxhill@walbrookpr.com
--------------------------------- -----------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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