Rosslyn Data Technologies PLC (LON:RDT) shares moved higher on Monday after the big data technology group announced the release of its new CustomsCloud software solution.
The AIM-listed firm said the cloud-based self-service solution is designed to enable importers to overcome the additional customs procedures resulting from the UK's departure from the European Union.
READ: Rosslyn Data Technologies wins three-year contract for the implementation and license of a Langdon Excise system
CustomsCloud enables Rosslyn clients to register with HMRC and to file all import declarations, either individually or in bulk, calculate the VAT and duty owed on any imports and to report this information direct to UK tax authorities for future payments.
The company said that the software automates the process which saves time for clients and “provides certainty” by reducing the risk of unknown future charges being payable on the client's imports.
Rosslyn noted that the launch is in line with its expectations and is “further evidence of the added value” that it is offering its clients.
The firm added that following the end of the Brexit transition period, it is estimated that over 200,000 UK businesses that import from the EU will need to start completing customs declarations for the first time. As a result, many businesses are applying for government grants, which Rosslyn said provide funding for investment into IT projects for customs declarations such as CustomsCloud.
"Following our acquisition of Langdon Systems last year, this is the first of the Langdon solutions which is 100% cloud-based. With the impact of Brexit being felt by every business, large or small, trading with the EU, our solution enables our clients to manage the situation cleanly, efficiently and inexpensively", Rosslyn chief executive Roger Bullen said in a statement.
Rosslyn shares rose 2.2% to 5.8p in early deals.
