Regulatory News:
MotorK PLC (AMS: MTRK) ("MotorK", the "Group" or the "Company"), a leading SaaS provider to the automotive retail industry in the EMEA region, today announced that its Board of Directors has approved the Annual Report and Accounts for the financial year ended 31 December 2024 (the Annual Report"). The Annual Report, subject to shareholders' approval next May 21st is now available on the Company's website.
The Group has decided to change its reported alternative performance measure CARR (Committed Annual Recurring Revenue). In line with industry practice MotorK is now recognizing contracted subscription revenue for one year forward only. This decision is also in line with the increased volatility in the industry impacting automotive manufacturers and, potentially, long term contractual roadmaps. In addition, the Company has reclassified management fees charged on advertising services to clients as non-recurring. Both of these adjustments have been reflected in the Dec'24 reported CARR number as well as for the Dec'23 comparison period as follows:
| FY 2024 AND FY23 CARR | ||||
| In m€ | Restated | Previously Disclosed | ||
| CARR FY 24 | 36.6 | 38.4 | ||
| CARR FY 23 | 34.5 | 35.9 | ||
Additionally, MotorK announced that the Notice of the 2025 Annual General Meeting and the related Form of Proxy will be published on the Group's website by the end of next week.
Forward-looking information and disclaimer
This press release may include forward-looking statements. Other than reported financial results and historical information, all statements included in this press release, including, without limitation, those regarding our financial position, business strategy and management plans and objectives for future operations, may be deemed to be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "aims", "intends", "anticipates", "estimates", "projects", "will", "may", "would", "could" or "should", or words or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are based on our current expectations, projections and key assumptions about future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond MotorK's ability to control or estimate precisely, such as future market conditions, the behavior of other market participants and the actions of governmental regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are subject to change without notice. Other than as required by applicable law or the applicable rules of any exchange on which our securities may be traded, we expressly disclaim any obligation or undertaking to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.
Important information
This press release contains information within the meaning of Article 7(1) of the Market Abuse Regulation (596/2014).
ABOUT MOTORK PLC
MotorK (AMS: MTRK) is a leading software as a service ("SaaS") provider for the automotive retail industry in the EMEA region, with approximately 385 employees and eleven offices in eight countries (Italy, Spain, France, Germany, Belgium, the UK, and Israel). MotorK empowers car manufacturers and dealers to improve their customer experience through a broad suite of fully integrated digital products and services. MotorK provides its customers with an innovative combination of digital solutions, SaaS cloud products and the largest R&D department in the automotive digital sales and marketing industry in Europe. MotorK is a company registered in England and Wales. Registered office: 5th Floor One New Change, London, England, EC4M 9AF Company Registration: 9259000. For more information: www.motork.io or investors.motork.io.
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Contacts:
FOR FURTHER INFORMATION
MotorK Investor Relations
Boaz Zilberman
boaz.zilberman@motork.io
+972 532 819 810
