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Escher Group Holdings plc
Annual report 2011
06
Overview
2011 was undoubtedly a landmark
and transformational year for Escher.
In early 2011, it became increasingly
clear that to develop and capture
new commercial opportunities
and embark on introducing new
technological solutions, Escher
should seek new investors with
foresight and with understanding
of the Escher vision.
On 8 August 2011, Escher became
part of AIM which is considered
one of the most successfully
traded growth markets with 1,000
international companies from across
the globe. Through the diligent work
of many stakeholders and advisers,
US$25 million was raised via an
Institutional Placing. The dedication
of Escher executives and employees
to deliver the Escher vision is matched
by the commitment of investors
and their belief in Escher’s ability to
deliver innovation and growth and
augurs well for future development.
In April 2011,
RiposteEssential
software went live at Botswana Post,
allowing the delivery of services
to over two million people at its
postal outlets. In Q4 2011, Escher’s
market momentum remained very
encouraging, particularly as postal
operators continued to face difficult
market conditions. Market share
increased with the addition of two
new contracts with national postal
operators and further organic
growth from existing customers.
Escher’s commitment to research
and innovation remains valued
by customers and prospects,
particularly with the development
of Near Field Communication (NFC)
products which complement the
existing retail software.
With a dominant position in point
of service in the postal sector, Escher
believes it is ideally placed to enter
into other related vertical industries
and leverage its success in the postal
sphere to these new markets.
Corporate governance
Escher has assembled a prominent
Board with experience across a wide
range of industries. Paul Taylor joined
the Board on IPO and brings a wealth
of technology and public company
experience to the Board.
The Board is committed to strong
corporate governance and this is
reflected in its principles, policies
and practices. The Board believes
that corporate strategy will
continue to be fulfilled through
effective corporate governance,
thus enhancing shareholder value
and the long-term safeguarding
of shareholder’s interests.
Dividend
Escher is in a continuing phase of
development and will periodically
review the payment of dividends.
It is the Board’s belief that currently
the best use of proceeds is to
reinvest in the business for capital
growth and to continue building on
Escher’s solid financial platform.
— Successful IPO on AIM
in August 2011
— US$25 million (£15.4 million)
raised through a Placing
— Extension of
Riposte
software licence with
An Post to incorporate
RiposteTrEx
— Contracted by Saudi Post
to expand their business
capacity at the counter
— Extension of retail product
suite to include device-to-
device communications
— ‘Haypost’ (Armenia) to use
RiposteEssential
to deliver
enhanced retail network
— Since the year end a
significant contract win
with the United States
Postal Service
In summary
Bernard Somers,
Chairman
Chairman’s statement