Conduent

CEO's Statement

'We are tremendously excited about 2017, and the announcements we have made to the market recently demonstrate our ambitions to develop our student services platform and our intention to enter the credit rating industry, both underpinned by further funding from leading institutional investors to support these initiatives. These new services, in addition to the payments and content businesses we are growing, will help us progress into a fully-fledged portal.'

Darren Mercer, Chief Executive Officer, 13th April 2017

Mobile Internet Usage in China (accounts)

China urban population

Source: Statista

Financial Summary

Final Results for 2016

  • Group revenue of £2.1m (2015: £5.5m)
  • Operating loss of £16.5m (2015: £9.3m)
  • Cash and cash equivalents of £28.0m (2015: £4.0m)
  • Gross Transactional Volumes of £289.6m (2015: £79.4m)

Final Results for 2016

  • Business pivoted from a lottery company into a technology company, beginning with its signing of the Xinhua News mobile app payments deal in April 2016, following the state mandated suspension of online sale as of lottery products in March 2015.
  • Completed signing of all 12 targeted provinces before year end.
  • Raised £51.2 million across three placings in the year, providing vital funding to grow our business and adding a number of high quality institutions into the share register.
  • Launched B2B mobile payments business in second half of 2016.
  • Signed unique mobile content deal with FC Barcelona to be launched in first half of 2017.
  • Completed a 10% Strategic investment in Xinhuatong, further strengthening the relationship between BNN and Xinhuatong, and ensuring BNN has access to opportunities to build additional revenue streams.
  • Began secondary listing application for Nasdaq exchange.
  • Rebranded the Group from DJI Holdings plc to BNN Technology plc to reflect our current business model and Chinese Formally moved sector classification on LSE AIM from ‘Gambling’ to ‘Internet’.
  • Sold BaiFa in Q4 2016, as business no longer fits with company strategic direction.
  • Added three new directors to the Board, two of whom are Chinese, providing an appropriate balance of our operational scope. New directors were: Group CFO Scott Kennedy, China CEO Wei Qi and Non-Executive Dong Jinhua.

The Chinese consumer shift to ‘life on mobile’ is only just beginning. We aspire to enrich the lives of Chinese citizens and grow with China and our public and private sector partners by enabling more rural and urban communities across the country to access exclusive content and pay for more services online.

The Board’s strategy of diversification is focused on the versatility of its secure and robust technology platform and rapidly growing databases. New strategic joint ventures and the extension of existing alliances with blue chip organisations are taking BNN Technology into many sectors in which it can develop significant and reliable income streams.

The potential for our technology to support payments and other consumer transactions in China, as well as delivering content and managing data, online and through mobile on a very large scale, is huge. The Chinese government, through its Internet Plus strategy, is supporting a seismic shift towards a digital economy, enabling businesses, government departments and individuals to connect with each other. The expansion of fast broadband, 4G mobile networks and smartphone ownership in rural areas, combined with an ongoing programme of urbanisation, is creating and sustaining a very substantial addressable market for BNN Technology.

 

Annual Report 2015

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Annual Report 2014

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