RNS Number : 6719B
BNN Technology PLC
05 April 2017
 

 

 

5 APRIL 2017                                                                              

 

BNN Technology PLC

Statement re share price movement and Trading Update

 

The Board of BNN Technology (AIM: BNN), a London-listed Chinese technology, content and services company has noted the share price reaction over the past week and is not aware of any reason for today's share price movement.

 

Trading Update

Gross Transaction Volumes (GTV) through the company's platform have continued to progress well in recent weeks.  Gross transaction volume has grown by 46% to over £400 million in the three months to March 2017, following £273 million in the three months to December 2016.

The company's financial results for the 12 months ended 31 December 2016 are scheduled to be released by the end of next week.

The company's NASDAQ listing process is also progressing, as previously announced.  We are working towards completing the listing in Q3 2017.

Supported by the launch of the recently announced motorist platform, which we expect will generate revenues in H1, we continue to expect significant revenue growth for the Group in the current year.  Since the initial announcement, we have added a second major fuel retailer to the motorist platform, in addition to the market-leading operator already reported.   

The company continues to operate with a strong and healthy balance sheet, and began the calendar year with approximately £28 million of cash and cash equivalents. 

 

 

For further information, please contact:

 

BNN Technology plc

+44 (0) 1565 872990

   Darren Mercer, Chief Executive

   Scott Kennedy, Chief Financial Officer

   Stephen Benzikie, Communications

 


Brunswick Group (Public Relations)

+44 (0) 20 7404 5959

   Brian Buckley / Diana Vaughton


Strand Hanson Limited (Nominated & Financial Adviser)

+44 (0) 20 7409 3494

   Andrew Emmott / Ritchie Balmer

 

Mirabaud Securities LLP (Broker)                                                           

   Peter Krens

 

 

 

 

+44 (0) 20 7878 3362

About the Group

BNN Technology plc is a Chinese technology, content and services company that builds long-term partnerships to deliver China's citizens with value-added services, content and evolving opportunities.

Listed on AIM since 2014 the Group principally engages in providing technology to partners to facilitate fulfilment of payments online and on mobile apps through partnerships or affiliate agreements with corporate and key government partners, and, developing digital content, both online and mobile. Through its partnership with Xinhuatong and NewNet, BNN facilitates mobile payments, through its technology platform, on the Xinhua News mobile app in 12 provinces in China. The Chinese consumer shift to 'life on mobile' is only just beginning and BNN's platform technology enables urban and rural communities across China to access exclusive content and pay for more services online.

The Group employs nearly 300 professionals throughout China.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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