14th Jul 2016 09:19
LONDON (Alliance News) - K3 Business Technology Group PLC on Thursday said overall trading in the year to the end of June was "encouraging", with results for the full year expected to be broadly in line with market expectations in spite of an unnamed major customer entering administration in June.
The final months of the period saw a "pleasing" level of contract wins, and the business software provider said there are "significant opportunities" in the pipeline for the new financial year.
K3 said recurring income remained high and it expected a year-on-year increase as the company transitioned to a cloud-centred business.
K3's net debt at the year end is expected to show a reduction to GBP8.9 million, 26% lower than the GBP12.1 million in net debt on its books at the end of June 2015.
Shares in K3 were down 2.9% Thursday morning at 307.00 pence.
By Lucy Heming; [email protected]
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