Business
Trading Statement
Trading Statement.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n \nRNS Number : 8674U Pinnacle Technology Group PLC 06 December 2013 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISIDTICION WHERE TO DO SO WOULD BE UNLAWFUL.\n06 December 2013\nPinnacle Technology Group plc\n(the \"Group\", \"Pinnacle\" or the \"Company\")\nTrading Statement and Management Change\nThe Board has now reviewed the management accounts for the year ended 30 September 2013 and today issues the following trading update. As signalled in the interim announcement on 06 June 2013, revenue for the year ended 30 September 2013 is lower than in the previous year, at approximately £10.1m (2012 £12.7m). This result, whilst disappointing, relates in large part to poor performance from the previous acquisition of RMS IT Security and the lack of any major UK high-profile events in the period (compared to the Queen's Diamond Jubilee celebrations and the London Olympic Games contracts, which were delivered in the year ended 30 September 2012). In consequence, both EBITDA and Pre-tax loss when finalised, will show a significant deterioration on the figures for the previous year (2012 adjusted EBITDA £284,554; 2012 Loss before tax (£1,115,558)). \nIt should be noted however, that following the announcement of the Interim Results to 30 March 2013, the Board embarked on a strategic review of the Group and has taken robust actions to reduce on-going costs in recent months. As a result, the Group is now trading close to EBITDA breakeven on a monthly basis.\nCommenting on the trading update and announcing his intention to seek a successor, Alan J Bonner, the Pinnacle Chief Executive, said :- \n\"I am pleased to report that the Group is now trading close to EBITDA breakeven on a monthly basis. However, I have decided that after 15 years since I started Pinnacle, the time is now right to seek my successor. I am hopeful that we can soon appoint a new Chief Executive who will help us achieve our objectives and I look forward to ensuring a smooth transition in the best interests of our customers, staff and all other stakeholders\"\nThe Company expects to make a Preliminary announcement for its full year results to 30 September 2013, in February 2014. Any further announcements...