CREALOGIX Group - Well-funded, transformation progressing

CREALOGIX continues to pursue its goal of becoming a leading global SaaS digital banking software provider. It reported a 5% fall in H120 revenues to CHF48.6m (H119: CHF51.0m) (c 2% fall on a constant currency basis) and H120 EBITDA of CHF0.4m (H119: CHF3.3m). Recurring revenues now represent 47% of total sales (up from 42% in FY19) and the group reported positive free cash flow of CHF4.9m (H119: CHF2.1m loss). The SaaS transition will continue to drag on results in FY20/21 but with CHF34m of cash (CHF3.8m net cash), the group is well placed to weather any short-term impact from COVID-19 on its business (no impact yet, too early to quantify) and complete its SaaS transformation.