BNN Technology knows no reason for share price move; progressing 'well'

BNN Technology noted the reaction in its share price over the past week and said it was not aware of any reason for the move, as it updated the market on its trading.

The group said gross transaction volumes through its platform have continued to progress well in recent weeks.

In the three months to March 2017, GTV have grown by 46% to more than £400m, following £273m in the three months to December 2016.

BNN said its Nasdaq listing process is also progressing, as previously announced and it is working towards completing it in the third quarter.

"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 said it continues to operate with a strong balance sheet and began the calendar year with around £28m of cash and cash equivalents.

At 1215 BST, the shares were down 10.2% to 83.95p.