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Castleton Technology (CTP)

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Thursday 05 April, 2018

Castleton Technology

Trading Statement

RNS Number : 8612J
Castleton Technology PLC
05 April 2018
 

Castleton Technology PLC

("Castleton", the "Company" or the "Group")

Trading Update

Significant organic growth, results in line with expectations

Castleton Technology plc (AIM: CTP), the software and managed services provider to the public and not-for-profit sectors, is pleased to provide the following update on trading for the year ended 31 March 2018 ahead of the announcement of its full year results.

The Company is pleased to announce that results for the year are expected to be in line with expectations with revenue of not less than £23.1 million and adjusted EBITDA* of not less than £5.0 million, representing continued double digit organic growth.  Cash generation in the period was strong, resulting in operating cash conversion of approximately 100 per cent. of adjusted EBITDA*, facilitating a continued reduction in the Company's net debt.

The Group expects to announce its preliminary results in June 2018.

Dean Dickinson, CEO of Castleton, said: "I am pleased with the progress that Castleton has made during the year, recording significant organic growth in both revenues and profit, underpinned by excellent cash generation. The Group has also achieved a number of key operational milestones, notably the delivery of our integrated product suite on two milestone contracts, significant multi-year contract wins and the acquisition of Kinetic Information Systems Pty Ltd, enhancing our existing operations in Australia's growing Community Housing sector."

"The market opportunity remains large and given the Group's now established position as a 'one stop shop' serving the social housing sector, the Board is very optimistic about the Group's continued growth prospects."

*Before net finance costs, depreciation, amortisation, exceptional costs and share based payment charges

 

Enquiries:

Castleton Technology plc

Dean Dickinson, Chief Executive Officer

Haywood Chapman, Chief Financial Officer

Tel. +44 (0)845 241 0220

 

finnCap Ltd

Jonny Franklin-Adams / Simon Hicks (corporate finance)

Andrew Burdis / Abigail Wayne (corporate broking)

MXC Capital Markets LLP

Charlotte Stranner

Tel. +44 (0)20 7220 0500

 

 

Tel. +44(0)20 7965 1849

 

Alma PR
Rebecca Sanders-Hewett/ Helena Bogle/ Josh Royston

Tel. +44(0) 7780 901979


About Castleton Technology plc

Castleton Technology plc is a leading supplier of complementary software and managed services to the public and not-for-profit sectors. The Group is a 'one stop shop', providing integrated housing systems via the Cloud, working in partnership with its customers and resellers to help drive efficiencies whilst improving controls and customer service. www.castletonplc.com

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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