Trading Update

RNS Number : 6075E

Imaginatik PLC

11 February 2015

 

11 February 2015

Imaginatik Plc

("Imaginatik" or "the Company")

Trading Update

Imaginatik plc (AIM: IMTK.L), the world's first full service innovation provider offering a range of consultancy and technology products, provides a trading update covering the second half of the Company's financial year to date.

As announced in the Interim Results on 8 December 2014, trading continues to progress well and in line with management expectations. Approximately £1.2m of new and upsell business has been contracted so far in the second half,  including seven new customers; four on annual or multi-year contracts and three on consulting engagements.

The addition of the four new customers on annual or multi-year contracts in our second half takes the Company's annual client base to 41 (March 2014: 31) raising the annualised value of our renewals business by 20% to £2.96m (March 2014: £2.48m at constant currency). We are currently in contract discussions with a number of other companies and expect to complete several new contracts in the next few weeks, all of which will further add to our customer and renewals base.

We are also pleased to report good progress being made in the Consulting division. In addition to the three new consulting customers referred to above, we have expanded contracts with several existing customers to provide a range of consulting engagements that encompass consulting support work with our Innovation Central technology platform, Discovery work with our Discovery Central technology tool as well as more strategic advice on innovation.

Matt Cooper, Non-Executive Chairman, commented "The Board is pleased with the progress the company is making. The size and quality of the client base is increasing, as is the recurring revenue base, which is bringing greater visibility and demonstrating that our business model is working. As we continue to build our new business pipeline there is a growing requirement for additional capital to fund the protracted lead time from first engagement to signed contract. Accordingly the Company will continue to carefully manage its cash reserves and will be considering its various funding options to ensure that the business maintains sufficient levels of investment during this early growth phase".

For further information please contact:  

Imaginatik plc	Tel: [phone]
Matt Cooper Non-Executive Chairman Ralph Welborn, CEO Shawn Taylor, CFO
finnCap Ltd	Tel: [phone]
Charlotte Stranner / Victoria Bates
Newgate Threadneedle	Tel: [phone]
Adam Lloyd / Ed Treadwell / Jasper Randall

About Imaginatik

Imaginatik provides a range of Innovation solutions comprised of consultancy, enterprise software and program management to deliver innovation results to companies such as The World Bank, The Chubb Group of Insurance Companies, , Exxon Mobil, Altria, Shell, Mayo Clinic, Goodyear, the Yorkshire Building Society, Pitney Bowes and Cargill. Few companies possess the internal capability to consistently generate fresh ideas, identify those worth pursuing and reliably transform them into real, value-enhancing assets. Imaginatik's mission is to help these companies build sustainable innovation competencies.

Imaginatik is a public company whose shares are traded on the AIM market of the London Stock Exchange (LSE:IMTK.L) and is a World Economic Forum Technology Pioneer with offices in Boston, MA, and Fareham, UK. For more information visit www.imaginatik.com.

 

END

 

 

TSTGGUCUPUPAURG