@UK PLC (AIM:ATUK.L), the cloud eCommerce marketplace, today provides an update on trading in the 6 months ended 30 June 2013.
The Company has enjoyed strong trading in the first six months of the year, delivering growth in ecommerce marketplace and spend analysis revenue of over 100%. While the Company Formations division continued to see a small decline, overall revenues enjoyed strong growth resulting in a significant reduction in operating losses. Investment in the first half of the year to support the Visa roll-out resulted in movement into a net debt position, which has since been reversed.
The second half year has started strongly with significant cash generation to provide the funds for international rollout.
The rebranding of the operations of the business under the terms cloudBuy and cloudSell is progressing well, and we expect to launch with Visa shortly. The prospects for the business in Australia are strong and the UK Government pipeline is also looking promising with multiple engagements at the ministerial and the highest levels of the civil service.
In total, the volume of spend analysed by our systems is now over $450 billion, and we expect to gain both significant revenues from spend analysis, and convert these clients onto full marketplaces, and gain significant income from a percentage of the volume flowing through the system, delivering significant and rapid return on investment to our customers.
Ronald Duncan, Executive Chairman, commented, "We are delighted with the progress made in the first half of the year, both financially and operationally, and expect to deliver full year results in line with market expectations. The partnership with Visa underlines the superiority of our proven eCommerce marketplace and spend analysis software and we are confident that the combination of extended market reach Visa provides, and our switch to a business model where we take a percentage of the volume flowing through the system, will result in a significant increase in shareholder value."
Notice of Results
The Company expects to announce interim results for the 6 months ended 30 June 2013 in September 2013.