Contract Wins and Trading Update

RNS Number : 0139C

Imaginatik PLC

01 March 2011

 



1 March 2011

Imaginatik Plc

("Imaginatik" or the "Company")

Contract Wins and Trading Update

Imaginatik plc (AIM: IMTK.L), a leading provider of innovation management software and consultancy, is pleased to announce the signing of an annual license with Yara International ASA, the world´s leading chemical company that converts energy, natural minerals and nitrogen into essential products for farmers and industrial customers. Financial terms were not disclosed.

Imaginatik's Idea Central innovation platform will be deployed within the organisation to drive multiple innovation initiatives across the entire company, utilising Imaginatik's experience and expertise with its "Assisted Innovation" advisory support services offering.

Imaginatik is also pleased to announce two further Innovation-as-a-Service contracts with two of the world's leading insurance and pharmaceutical businesses. Imaginatik's professional services team will run Innovation Events for the two businesses, facilitating collaborative innovation across the thousands of employees of the two multinational businesses. Financial terms were not disclosed.

In addition to the two Innovation-as-a-Service contracts which were announced at the same time as the Company's Interim Results in December 2010, these contracts are further evidence of the growing success of this strategic shift in focus towards the provision of outsourced innovation services.

Imaginatik's recurring revenue base has increased as a result of these contracts, providing a strong foundation for future growth. While the Board is encouraged by the growing sales momentum, it expects that revenues for the year ending 31 March 2011 will be lower than those in the previous financial year and that the Company will record a loss for the second half of the year and for the year overall.

Matt Cooper, Executive Chairman of Imaginatik, commented: "Our revitalisation of the Imaginatik sales team and shift in strategy is now beginning to flow through into contract wins. We are delighted to report that the customer base has returned to growth, contributing to the Group's recurring revenue base. While the results for this year are expected to be lower than in previous years, it is our belief that we now have a more solid foundation from which to grow."

For further information please contact:  

Imaginatik plc	Tel: [phone]
Matt Cooper, Chairman / Shawn Taylor, CFO
Arbuthnot Securities Limited	Tel: [phone]
Tom Griffiths
Threadneedle Communications	Tel: [phone]
Caroline Evans-Jones / Hilary Millar

About Imaginatik

Imaginatik provides Innovation and Idea management solutions comprised of consultancy, software (Idea Central) and program management to deliver innovation outcomes to companies such as The Chubb Group of Insurance Companies, Boeing, Pfizer, Goodyear, Paccar, Kellogg and Cargill. Few companies possess the internal capability to consistently generate fresh ideas, identify those worth pursuing and reliably transform them into real, value-enhancing assets. This is Imaginatik's area of expertise.

Imaginatik is a public company whose shares are traded on the AIM market of the London Stock Exchange (LSE:IMTK.L) and a World Economic Forum Technology Pioneer with offices in Boston, MA, and London. In 2009, Imaginatik was named as one of the 500 fastest growing technology companies in the EMEA region by Deloitte. For more information visit www.imaginatik.com.

 

END

 

 

TSTBLGDDLGDBGBI