Further to its full trading statement in January 2020, Cloudcall Group Plc (CALL) has delayed the publication of FY19 results, in line with FCA guidance, and provided an update on current trading.
The Company’s states its products and services remain relevant in the current global economic climate as other companies look for tools to enable their staff to work remotely whilst having full access to systems they would normally use.
With significant recurring revenue and renewal rates in excess of 100%, the Company already has good visibility of FY20 revenue. However, with the global uncertainty due to COVID-19, the Company admits there will be an impact on the expected sales growth for the year, although the extent of this impact remains difficult to quantify at this stage.
With gross cash of £11.1m, as at 31 December 2019, and an additional £2.0m available via its current credit facility, the Company remains confident it has sufficient cash during this continues period of global uncertainty. The Board continues to review its near-term investments plans to ensure they effectively manage its cost base and cash reserves.