Information  X 
Enter a valid email address

i-nexus Global PLC (INX)

  Print      Mail a friend

Friday 27 March, 2020

i-nexus Global PLC

Business Update

RNS Number : 9229H
i-nexus Global PLC
27 March 2020
 

i-nexus Global plc

("i-nexus", the "Company" or the "Group")

 

Business Update

i-nexus Global plc (AIM: INX), a provider of cloud-based Strategy Execution software solutions for the Global 5000, today provides a business update in  light of the global COVID-19 pandemic.

The health and safety of our staff is our top priority. As with many software companies, we are an agile business and well-equipped to facilitate remote working. Our staff have been working from home since March 20th, with no disruption to the Company's continuity of service.

As the temporary global shutdown and associated uncertainty continues, the Group is experiencing longer sales cycles as existing and potential customers focus on business continuity planning and postpone procurement decisions for  new software. This is currently making it increasingly difficult to forecast future sales. In addition, as our clients' businesses are impacted, they are inevitably looking to conserve cash, with consequential uncertainty for i-nexus regarding the timing of collection of our debtors although every effort is being made to secure timely settlement.

The Board has been monitoring this evolving situation very  closely and given the level of uncertainty, it has resolved to undertake material, short-term measures to mitigate the impact of COVID-19 on financial performance to the extent possible. This includes salary sacrifices across the Company, together with general overhead reductions, staffing cuts and the 'furloughing' of a proportion of the workforce under the Government's recently announced 'Job Retention Scheme'. As at 29 February 2020, the Company's cash position was £642k. As a result of these initiatives, the Group's monthly overheads are expected to reduce by approximately 50 per cent. from April 2020, which will serve to extend the Company's cash runway.

The Board will continue to monitor this evolving situation and advise shareholders, as appropriate, when the impact and longevity of the COVID-19 pandemic becomes clearer.

The Company currently plans to announce its interim results for the six months ended 31 March 2020 in late May 2020.

For further information please contact:

 

i-nexus Global plc

N+1 Singer (Nominated Adviser and Broker)

Alma PR

Via: Alma PR

Tel: +44 (0)207 496 3000

Tel: +44 (0)203 405 0205

Simon Crowther, CEO

Alyson Levett, CFO

Lauren Kettle (Corporate Finance)

Tom Salvesen (Corporate Broking)

Caroline Forde

Josh Royston

 

About i-nexus Group plc

 

i-nexus supports some of the largest global companies in running, improving and changing their businesses through the provision of a scalable, enterprise-grade, cloud-based Continuous Improvement ("CI") and Strategy Execution ("SE") software platform. The platform is in use at global blue-chip businesses, predominantly based across the US and Europe, helping customers execute key strategic goals throughout all levels and divisions of their organisations.

 

The Group's software supports Hoshin Kanri, a strategy development methodology first introduced in the 1960s in Japan and born out of lean, six sigma and operational improvement theory. Hoshin Kanri (directly translated as "direction execution") is a systematic planning, implementation and review methodology which, when implemented, aims to ensure that the strategic goals of a company are properly communicated to all employees and that they drive progress and action at every level of the business.

 

i-nexus is headquartered in Coventry, UK with a sales office in New York. 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
UPDFLFIEVAIDFII

a d v e r t i s e m e n t