(Alliance News) - Glantus Holdings PLC on Tuesday reported first-quarter trading topped expectations, and the Dublin-based firm named a new chief financial officer.

The provider of accounts payable automation and analytics services said first-quarter revenue amounted to around EUR3.5 million. Earnings before interest, tax, depreciation, and amortization were around EUR1.0 million.

"Trading in the new financial year has been stronger than management's expectations and the business model and strategy provides a strong platform for significant growth," Glantus said.

The company expects to report 2022 results before the end of next month. It said revenue and its adjusted Ebitda loss before restructuring costs and any impairments will be in line with guidance.

Back in February, Glantus said revenue rose 0.9% in 2022 to EUR10.8 million, from EUR10.7 million the previous year. It expects to a report a swing to an adjusted Ebitda loss of EUR2.1 million, from profit of EUR3.1 million in 2021.

"Looking forward, the board has the confidence in the continued and sustained demand for the Glantus solutions and the potential for additional products to be integrated onto the Glantus platform," the company said.

Glantus also said it has extended the repayment date of a EUR5 million from Beach Point Capital, which is due in August, by 24 months.

Glantus named PwC chartered account Susan O'Connor as its new CFO. Interim CFO and current Executive Director Diane Smith will step down with immediate effect.

"Susan, a PwC trained chartered accountant, is an experienced CFO with public and private companies in the technology sector and previously worked with Glantus at the time of its IPO. We are pleased to welcome her aboard," the company said.

Glantus Holdings was trading at 6.7% higher at 8.00 pence in London on Tuesday afternoon.

By Will Neill, Alliance News reporter

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