Grafenia sees FY EBITDA in line with revised market views, EBIT below

Grafenia says since its last update trading conditions have been mixed, with its full-year revenue, EBITDA and net cash seen in line with revised market expectations, but EBIT expected to be below them.

The company said transactional print revenues in February ended behind the same period last year. "However, revenues from print in March were strong, significantly ahead of both our internal budget and the same period last year," it said in trading update.

Its board expected Grafenia's annual results to be in line with revised market expectations for revenue, EBITDA and net cash.

"This year the effect of revising the useful economic life of software and capitalised development from five to a more prudent three years is expected to increase amortization by £150,000 for the period," it said.

"Consequently, whilst we expect EBITDA to be in line with market expectations, we expect EBIT to be below them."

The company also said that Pavel Begun would retire from the board at the AGM in July.

At 10:22 GMT, shares in AIM-quoted Grafenia were flat at 6.5p each.