Access Intelligence warns on both revenue and profit
Software as a Service (SaaS) group Access Intelligence has warned that both its revenue profit will be below market expectations for the year ended 30 November, blaming the revenue recognition basis of the SaaS business model.
Access Intelligence
54.50p
16:55 23/04/24
FTSE AIM All-Share
754.70
10:55 24/04/24
Software & Computer Services
2,418.61
10:49 24/04/24
The results are now set to come in at similar levels to last year, although its cash position is still set to meet expectations of £1m.
The group said that its cash position will be significantly enhanced after it raises £1.1m through the issue of five-year unsecured convertible and redeemable loan notes (CLNs).
The CLN's will pay a coupon of 8% and are convertible into ordinary shares at 3p per share.
"The proceeds will increase the working capital of the company so that in the event that the £1.25m of existing loan notes are redeemed in December 2015, the company will have the necessary cash headroom to meet that redemption payment," Access explained.
The participants were Elderstreet VCT, Hawk Investment, Octopus Investments and another financial institution.
Shares had fallen 10% to 2.25p by 09:36.