Gresham House upgrades outlook following 'strong' performance

Thu, 25th Nov 2021

Software and services company Gresham upgraded its outlook on profitability following 'strong' performance and said it had won a contract extension from an unnamed bank. The company now expects full-year group revenues to exceed current market expectations, with both earnings before interest, taxes, depreciation and amortisation, or EBITDA, and cash EBITDA also expected to be ahead of current market expectations. Commenting the contract extension, the company said it had executed a 5-year subscription with a tier 1 bank customer to extend its current investment in Clareti software. The contract was worth about £2.8m for the on-going use of the technology to cover the period from 31 December 2021 to 30 December 2026. This new contract, executed on 24 November 2021, supersedes the existing license agreement announced in February 2019 and extends the contractual commitment by a further three years. Story provided by StockMarketWire.com

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