Update re trading and financial position

RNS Number : 7098F

Veltyco Group PLC

16 July 2019

 

16 July 2019

Veltyco Group plc

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

Update re trading and financial position

Veltyco Group plc (AIM: VLTY), the online marketing company for the gaming industry, provides the following update on current trading and its financial position.

Further to the Company's announcement of 17 May 2019 and the Group's report and accounts for the year ended 31 December 2018 ("2018 Accounts"), announced on 28 June 2019, the Group's revenue and hence cash receipts in June for the Group's combined sportsbook and casino operations were lower than management expectations due to a large customer win, impacting the Group's available cash resources.

As a result, the Group, as set out in the 2018 Accounts, continues to be reliant on being able to manage its creditors, which continue to be meaningfully in excess of the Group's current cash resources, and the Directors continue to be of the view that further funding will be required.  Whilst the Group has a number of ongoing discussions with regards to potential funding options there is no certainty that such funding will be available and/or the terms of such funding.  In addition, following the lower than anticipated revenues in June, the Board has taken the decision to accrue Directors' salaries going forward.

In the event that trading remains below the Board's expectations and/or the Group is not able to manage its creditors and/or the Group is not able to secure further funding, the Group's ability to meet its liabilities will be materially impacted.

The Company will make further announcements as and when appropriate.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further information please contact:

Veltyco Group Plc                                                                           [phone]

Paul Duffen, Chairman

Marcel Noordeloos, Chief Financial Officer

Strand Hanson Limited (Nominated Adviser)                           [phone]

James Harris / Richard Tulloch / James Dance

Whitman Howard Ltd (Broker)                                                      [phone]

Nick Lovering / Christopher Furness

IFC Advisory (Financial PR & IR)                                                    [phone]

Graham Herring / Miles Nolan / Zach Cohen

About Veltyco

Veltyco is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.

Website: www.veltyco.com

 

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