Cerillion plc (LON:CER), the billing, charging and customer relationship management software solutions provider, has announced an update on trading for the financial year ended 30 September 2022.
Cerillion entered the second half of the financial year with a strong back-order book* and continued to trade very well throughout the period, including securing the Company’s largest contract to date in the fourth quarter. During the period, the Company benefitted significantly from favourable foreign exchange rates and higher resource utilisation, as well as lower net finance costs and lower depreciation and amortisation than anticipated. As a consequence, whilst revenue is expected to be marginally ahead of market expectations, adjusted profit before tax for the financial year is now expected to be materially ahead of the consensus market forecast of £10.1m. Net cash at 30 September 2022 is anticipated to close strongly at approximately £20.0m (30 September 2021: £13.2m), which is also ahead of market expectations.
The pipeline of new business opportunities, from both existing and prospective new customers, remains buoyant and the Company is well-positioned as it enters the new financial year.
The Board intends to announce full year results in late November 2022, when Cerillion will provide a further update on current trading.
*Back-order book consists of sales contracted but not yet recognised as revenue at the end of the reporting period plus annualised support and maintenance revenue.
