Investee Company Update – Low 6

Gunsynd PLC

29 February 2024

 

Gunsynd PLC

("Gunsynd" or the "Company")

Investee Company Update - Low6

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it has received an update from its investee company Low6 Limited ("Low6") which continues to grow and develop a next-generation sports betting platform.

Low6 has continued to build revenue and has now traded profitability for all seven months of the current financial year being July 2023 through to January 2024. Monthly revenues have risen to just under £400k per month.

The company forecasted revenue of £4.5m for FY24 (July 2023-June 2024), and the company is on target to surpass that having contracted over £3.9m between 1 July 2023 and 31 January 2024 and with five trading months to follow, the company anticipates that it will hit its revenue target for FY24. This compares to audited revenue for the company for the year ended 30 June 2022 of £854,851.

The company continues to pay down legacy debts accumulated prior to October 2022 and Low6 believe that these payments will be insignificant to the company by Q3 2024. 

The Company has £265,000 invested in Low6.  More information on Low6 can be found at https://low6.com/.

Peter Ruse, a director of Gunsynd, commented: "Amongst a backdrop of incredibly challenging trading conditions, the management of Low6 have navigated the business into monthly positive EBITDA. The company has continued to build the revenues and have now traded profitability for all seven months of the company's current financial year, 1 July 2023 to January 2024. The management of Low6 have repositioned the business to focus on licensing its software offering to clients and have developed a varied customer base and have maintained an excellent customer retention rate. Gunsynd continues to remain encouraged with the businesses ability to adapt and grow in difficult market conditions and look forward to the company's ongoing growth and profitability."

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

The Directors of Gunsynd accept responsibility for this announcement.

For further information please contact:

Gunsynd plc Hamish Harris/ Peter Ruse	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray	[phone]
Peterhouse Capital Limited Lucy Williams	[phone]

 

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