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Appreciate upgrades outlook on annual performance following strong Q3
StockMarketWire.com
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Redemption product provider group Appreciate upgraded its outlook on performance following strong third-quarter growth.
The company said it now expected to deliver full-year performance for the year 'at least in line' with the mid-range scenario as set out in its 2020 annual report and accounts, although the latest lockdown measures may delay some revenue and profit until customers have more options to redeem their products.
Underlying Q3 billings grew by 13.1% £96.3 million, bolstered by a 42% increase in December to £45.5 million.
'As a seasonal business, the group's performance has reflected the swing to profitability that we typically see in the second half of the financial year and the acceleration of our strategy to strengthen our digital capability has ensured a Q3 performance well ahead of last year,' the company said.
'Although we expect the latest national lockdown to impact redemptions due to the closure of non-essential outlets ... our strong increase in billings provides an encouraging indicator of future performance,' the company said.
At 9:40am: (LON:APP) share price was 0p at 29.3p
Story provided by StockMarketWire.com
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