Glantus Holdings PLC (AIM:GLAN) shares rose 13% in early trade on Tuesday as the provider of Accounts Payable automation and analytics solutions reported upbeat trading for the first quarter (Q1) of 2023 and revealed a change of chief financial officer (CFO).
In an update, Glantus reported that trading in the new financial year has been stronger than management's expectations and said its strategy provides a strong platform for significant growth.
The company said Q1 2023 revenues of around €3.47mln alongside its reduced cost base has delivered better margins and achieved both an adjusted EBITDA profit of circa €1mln and positive cash flow from operations, ahead of management's expectations.
Glantus also said it is making good progress with finalising a legal agreement to extend the repayment date of the €5mln loan with Beach Point Capital which is due in August 2023 by 24 months.
The company said it expects to report, subject to audit, revenue and an adjusted EBITDA loss, before exceptional restructuring costs and any impairment of goodwill from acquisitions, for full-year (FY) 2022 in line with the previous guidance provided on 14 February 2023. The FY 2022 results are expected to be published on or before 30 June 2023.
Glantus also revealed that Diane Gray-Smith, its current interim CFO, has stepped down from its board with immediate effect and is leaving the company to pursue new opportunities. It said Susan O'Connor, a PwC-trained chartered accountant, will assume the role of CFO, effective immediately.
Around 9.20am, Glatus shares were 13.3% higher at 8.50p.