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Tuesday 14 May 2019

Ideagen to make it ten in a row

LogoAcquisitive AIM-listed risk management software specialist Ideagen PLC expects that its performance for the year to 30 April 2019 be marginally ahead of market expectations. This will represent the Group's tenth consecutive year of revenue and profit improvement.

The company’s latest trading for FY19 update anticipates that turnover will be up 29% yoy at approximately £46.7million and adjusted EBITDA up 30% at around £14.3 million. Underlying organic growth should hit 8%, maintaining the pace set in H1 (see here). Ideagen, which focuses on regulated industries, primarily transport, banking and finance, life sciences, healthcare and advanced manufacturing, reports that demand was once again robust across all key verticals last year.

The company also continued the transition from a perpetual licence to a SaaS based subscription model. The Annual Recurring Revenue (ARR) book at 30 April 2019 was up 44% at approximately £36.4 million. This was driven in part by the three acquisitions made by Ideagen in FY19. These were audit management specialist Morgan Kai, quality inspection software supplier InspectionXpert and environmental health, safety and quality platform provider Scannell Solutions. Management now expects to generate 74% of revenues from recurring contracts by the end of 2020.

Looking ahead, Ideagen Chief Executive, Ben Dorks believes that the company’s increasing base of recurring revenues, strong pipeline of business opportunities from new logos and expanding customer base bodes well for the rest 2019 and beyond. An eleventh consecutive year of top and bottom line growth would seem to be very much on the cards. Ideagen will publish its full year results on or around 17 July 2019.

Posted by Duncan Aitchison at '08:55' - Tagged: saas   results.  

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