Edison Investment Research - K3 Business Technology Group (KBT) Update: On track

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Edison Investment Research

Update: On track

K3â€™s strategy to develop and sell more own-IP software progressed well in H116, with the expanding partner channel delivering several major orders. Significant growth in profitability year-on-year was in line with management expectations, while net debt was reduced by 14% h-o-h. The company believes it is on track to meet market expectations for FY16; we leave our forecasts unchanged pending interims in mid-March.

20/01/2016 3 EN

Underlying

K3 Business Technology Group

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United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Update: FY16 trading in line

K3 expects to report FY16 results broadly in line with market expectations. Trading was encouraging during H216, with a good level of contract wins in the final months of the year. Net debt has reduced over the year, although is higher than we forecast, partly due to a major retail customer going into administration close to year-end. We make no changes to estimates, pending FY16 results on 13 September.

July 14, 2016 July 14, 2016 3 EN

Edison Investment Research

Flash note: UK visitor attraction software acquisition

K3 continues to strengthen its position in the visitor attractions and leisure sector with the acquisition of Merac, a UK-based supplier of electronic PoS and management systems, for up to Â£1.45m in cash. The deal brings a roster of UK customers as well as adding to the companyâ€™s portfolio of own-IP solutions.

July 4, 2016 July 4, 2016 2 EN

Edison Investment Research

Update: Scandinavian retail software acquisition

K3 is acquiring DdD, a Danish point-of-sale (PoS) solution provider, for up to â‚¬10m/Â£7.9m. The company is raising Â£12.8m (net) from the issue of 4.1m shares to fund the deal and future product development. The acquisition adds proprietary retail software and should be complementary to K3â€™s existing retail software solutions. The deal also expands K3â€™s presence in Northern Europe and offers cross-selling potential.

April 26, 2016 April 26, 2016 5 EN

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Update: On track

Update: FY16 trading in line

Flash note: UK visitor attraction software acquisition

Update: Scandinavian retail software acquisition

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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