The purpose of the present company announcement is for the Board of Directors of Harvest Technology p.l.c. (the "Company") to provide the market with an update on the Company's business performance outlook for the current financial year.
2023 Business Performance Outlook
In the 2022 financial statements published on 13 April 2023, the Company highlighted the key projects that the Company and its subsidiaries (together, the "Group") embarked upon during 2022 and remain ongoing. These initiatives are aimed at fostering sustainable growth across the various businesses of the Group.
In the past months, ApcoPay, the Group's payment gateway, has undertaken significant investment to upgrade its payment gateway system to a cloud-based gateway which would allow the business to scale and, more importantly, offer new features and products which are required by clients particularly in the iGaming sector. The development of the new gateway
has proved highly demanding, as it requires operating and maintaining both payment gateways in parallel. This project inevitably resulted in significant additional labour resources and operating costs. The new gateway is scheduled to be operational as from Q3 2023, and the target is that by end of 2023, ApcoPay's existing clients will be migrated to the new cloud- based gateway.
In this segment, the Group anticipates a slight increase in revenue compared to the previous year, primarily due to the renewal of a contract for payment and gateway provision services with the Government of Malta. However, despite the growth in revenue, profitability is expected to be lower due to the aforementioned additional investment in the platform, as well as the ongoing investment in a marketing drive focussed on enhancing brand presence and promoting this new product.
The Retail and IT Services segment is projected to achieve better revenue performance compared to the previous year. Key highlights in this regard include: APCO Limited (C-8724) to deliver a tender for the supply and maintenance of an unmanned aerial vehicle for the Maltese public sector; and PTL Limited (C-3545) to implement various banking solutions for local banks in Malta while continuing its international IT services business expansion.
Based on the current forecast for the full year ending 31 December, 2023, the Board expects the Group to achieve higher consolidated revenue of c. €20.4m compared to the €16.3m achieved in the previous year.
UNQUOTE
By the order of the Board.
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Dr Malcolm Falzon
Company Secretary
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Harvest Technology PLC published this content on 19 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 June 2023 14:18:07 UTC.
Harvest Technology p.l.c. is a Malta-based holding company. The Company is mainly involved in the sale, maintenance and servicing of information technology solutions, security systems, and to provide electronic payments solutions. The Company provides multi-brand information technology solutions to businesses and the public sector. In addition, it is a payments solutions provider offering e-commerce processing services for retailers and internet-based merchants together with the provision of a range of automation and security solutions catering to the banking, retail, law enforcement and other sectors. It operates two business activities, which are the sale of payment processing services and the provision of IT solutions and security systems. The Companyâs subsidiaries are PTL Ltd, APCO Systems Ltd and APCO Ltd. PTL Limited provides information technology solutions to clients based on its expertise in hardware infrastructure and software business applications.
HARVEST TECHNOLOGY P.L.C. 
