- K3 Business Technology Group, which provides and supports software, hosting and managed services to the retail, manufacturing and distributions sectors, has reported that it has continued to progress well in the second half.

It expects its full year results to be broadly in line with market expectations with the Dutch market and the weakening euro having affected performance.

Net debt at the year end shows a significant improvement against market forecasts, reducing to approximately £12.10m (30 June 2014: £13.63m). This included the cash payment of £1.75m for the acquisition of hosting business, Willow Starcom. Recurring income (from software licence renewals, support contracts and hosting) remains high and is expected to show a year-on-year increase.

The Board says it is pleased with the progress K3 is making with its intellectual property ("IP") growth strategy which is focused on the development and sales of its own IP.

At 8:46am: [LON:KBT] K3 Business Technology Group PLC share price was +1.5p at 240p

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