4GLOBAL plc (LON:4GBL), a UK-based data, services and software company, has announced a trading update for the year ended 31 March 2023.
The Board is pleased to announce that, subject to the Group’s audit, revenue generation in the second half of the financial year has been strong with the Group expecting to report revenues of approximately £5.6m. The Adjusted EBITDA1 is in line with market expectations2.
As previously reported, 4GLOBAL’s revenue generation profile has been weighted to the second half of the financial year. While both Services and Technology divisions both performed in the year being reported, the Directors are specifically pleased to report Technology revenues continue to grow as the Company continues to focus on increasing its recurring revenue as a percentage of total revenue.
The Group had cash balances of £1.1m, Accounts Receivable and Accrued Income totalled £3.4m as at 31 March 2023.
Note 1: Adjusted EBITDA is defined as statutory profit from operations before interest, taxation, depreciation, share based payment expense and exceptional items.
Note 2: Market expectation is defined as adjusted EBITDA for the year to 31 March 2023 of approximately £0.9m as set out in the broker report that follows 4GLOBAL as at 26 April 2023.