Business
LIFTING OF SUSPENSION
LIFTING OF SUSPENSION.
About this update from Narf Industries Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n14 July 2023\n \nNARF INDUSTRIES PLC\n \nLIFTING OF SUSPENSION OF SHARE TRADING\nNarf Industries plc (\"Narf\", the \"Company\", or the \"Group\"), (LSE: 'NARF')(OTCQB: NFIN.F), the cybersecurity group specialising in high-end threat intelligence and critical infrastructure security, today announces that, following publication of the audited financial statements for the year ended 31 December 2022 (\"FY2022\"), suspension will be lifted and trading in the Ordinary shares of the Company on the Official List will commence later today.\nBelow is the Chairman's statement extracted from the recently published Audited Financial Statements:\n \n\n\nDear Shareholder,\nAs the recently appointed Executive Chairman, this statement offers me the opportunity to share your Company's accomplishments while acknowledging the challenges transitioning from a private and entrepreneurial led venture to the main operating business of an LSE listed company.\n \nAccomplishment and Goals\nIt has been a year of significant growth and development within the Group. Our committed team of 15 research and software developers led by our CEO, Steve Bassi, delivered record breaking year-end contracted backlog of $10.4 million. It speaks to the trust and confidence government entities place in our highly specialized team and underscores its strong reputation as an innovative and reliable partner.\nThe backlog is 4x our 2022 revenue of $2.5 million. The increase in government contract backlog translates into a sustainable revenue stream for our Group. These contracts provide a stable and predictable source of income, enabling us to plan and execute business strategies with confidence.\nFrom this backlog alone, the Group forecast $5.9m revenue in 2023, delivering 130% year on year (\"YOY\") growth (up from 30% growth in 2022). A significant decrease in expenses is also targeted this year. As we transition from an acquisition vehicle to focus on our core operation...