Aquis Exchange PLC (LON:AQX) today announced a trading update for the year ended 31 December 2024 (“FY24”).
In accordance with Aquis’ accounting policies, Management has increased its Expected Credit Loss provisions in respect of two existing technology clients, reflecting a heightened credit risk.
As a result, the Board now anticipates that FY24 financial performance will be £3.7 million lower than its previous expectations.
The underlying trading performance of the business for FY24 remains in line with Board expectations. Management is pleased with the positive momentum across the business in the year to date and continues to expect strong growth in FY25. The Group’s balance sheet remains strong with a net cash position of £13.7m as at 31 December 2024.
As previously announced, the requisite majorities of shareholders voted in favour of the cash offer for Aquis by SIX Exchange Group AG to be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act.
Subject to the satisfaction (or waiver, where applicable) of the outstanding conditions to the SIX offer, the deal remains expected to complete in the second quarter of 2025.
