Trading update of Insight Capital Partners Ltd

RNS Number : 3255T

Catena Group PLC

17 July 2020

 

17 July 2020

Catena Group PLC

("Catena" or the "Company")

Trading update of Insight Capital Partners Ltd

Catena Group Plc (AIM:CTNA) is pleased to provide an update on the performance of Insight Capital Partners Limited ("Insight"), the data science and machine learning solutions company. Catena holds 9.1% of Insight's issued ordinary share capital following its initial investment on 3 March 2020. Catena retains an option to increase its shareholding in Insight up to 30.2% on the same terms as the initial investment.

Since March, Insight has continued to accelerate its growth, generating unaudited revenue (under UK GAAP) of £2.8 million and profit before tax of £0.47 million for the year ended 31 March 2020 compared with revenue of £0.7 million and a loss before tax of £1.1 million (also under UK GAAP) for the year ended 31 March 2019. Insight has continued its profitable growth in the second quarter of 2020.

In addition, Insight has this week successfully launched a beta version of its proprietary "Portfolio Insights" tool, providing asset managers with valuable capabilities to develop and test fundamental investment strategies and validate performance attribution using a scalable cloud infrastructure with access to 20 years of US and European market data. Insight is pleased with the immediate response from both its existing and prospective clients to this important new product that demonstrates the potential for machine learning to transform the asset management industry.

Catena's current minority interest in Insight means that this strong financial performance by Insight, will not be consolidated into the Group's financial statements. As indicated on 6 May, Catena has been granted a three month extension for the reporting and filing of its financial results for the year ended 31 December 2019 ("FY19"). The Company now expects to report its FY19 results by the end of August.

For enquiries, please contact:

Catena Group PLC Matthew Farnum-Schneider, Chief Executive	[phone]
Zeus Capital Limited (Nominated Adviser & Sole Broker) Daniel Harris / David Foreman / Benjamin Robertson	[phone]
Newgate (Financial PR) Giles Croot / Robin Tozer	[phone] [e-mail]

 

END

 

 

TSTSFWSLWESSEDW