Year End Report and Annual Report - 30th June 2019
The Year In Brief
Year ended 30th June 2019
- Sales for the year SEK 22.5m (FY2018: SEK 35.3m) Decline of 36%.
- EBITDA deficit of SEK 24m (FY2018: Surplus SEK 6.3m).
- Cash balances SEK 15m (FY2018: SEK 47.3).
- Salam Technology contract in Qatar finished in July 2018 (Value in FY2018 in the region of SEK 14M).
- Salam Technology receivable remains outstanding and continues to be actively pursued.
- Steady increase in underlying sales.
- Appointment of new Chairman (July 2019).
- Appointment of new CEO (September 2019).
- Facility agreement negotiated post year end for €1m with Athanase in September 2019 (Athanase includes Athanase Industrial Partners II AB, Athanase Industrial Partners II KB, Athanase Industrial Partners Fund II). Utilisation under the facility agreement is subject to that all shares in Zutec Inc (Ireland) Ltd are provided as collateral and approval of the annual general meeting scheduled for 14 November 2019.
- Significant spend in R&D SEK 6.6m (FY 2018 SEK: 4.6m).
- Expenditure incurred from IPO not yielding future sales in a sufficiently timely manner.
The Annual report including statutory Financial Statements is on the attached pdf file.
For additional Information please contact:
Clíona Farrelly, CEO of Zutec Holding AB
firstname.lastname@example.org +353 1 201 3565
This information is inside information that Zutec Holding AB (publ) is obliged make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act (2007:528). The information was submitted for publication through the agency of the contact person set out above, September 24th, 2019, at 16.15 CEST.
About Zutec Holding AB
Zutec develops and markets cloud-based software solutions, primarily directed to companies within the building and construction industry. The Company’s products help clients to increase their productivity and cost efficiency. Zutec provides solutions within project management, data and document collaboration tools, data enriched 3D-models, defect management, project handover and the operations and maintenance of buildings.
To find out more please visit www.zutec.com