RNS Number : 4136T
13 December 2012
Embargoed for 7:00am release 13 December 2012
("@UK" or the "Company")
@UK PLC (AIM:ATUK.L), the cloud ecommerce marketplace, announces that it is moving into a cash generative position despite a timing delay in the recognition of approximately GBP1m of revenue for contracts both ongoing and won. This revenue is now expected to be recognised in the first quarter of 2013. As a result of these timing factors, an increased investment in UK and international sales activities, and a decrease in the non-core Company Formations part of the business, results for the year ending 31 December 2012 will be materially below market expectations and slightly below those reported for the year ended 31 December 2011. The Board stresses that this is not lost revenue, rather revenue that has been marginally delayed and therefore falling into the subsequent year.
The Board remains very encouraged by the initial successes in its newly-formed foreign business ventures in Australia and elsewhere abroad, with several significant contract opportunities in discussion. The newly-formed UK sales team is also gathering momentum, accounting for approximately GBP800,000 of the revenue now expected to be recognised in the early part of 2013. The Board is therefore confident that @UK remains sufficiently funded and will achieve accelerated growth in the year ahead and beyond.
@UK PLC Tel: 0118 963 7000
Ronald Duncan, Chairman
Westhouse Securities Limited Tel: 020 7601 6100
Newgate Threadneedle Tel: 020 7653 9850
Notes to editors
@UK is Europe's leading Cloud Platform with over 1 million users, which is used for University and College's procurement along with NHS, Local Authority, Schools and other Government and Private sector procurement and ecommerce.
@UK is included in the Software and Computer Services Sector (9530).
For further information please visit the @UK PLC websites
Investor Site http://www.uk-plc.net/invest
Main Site http://www.uk-plc.net
SpendInsight Site http://www.spendinsight.com
GreenInsight Site http://www.green-insight.com
Hybrid Carbon Footprint Site http://www.hybridcarbonfootprint.com
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