Thursday 01 October 2020

*UKHotViewsExtra* Accelerated Cloud adoption boosts Advanced

Advanced logoUK-headquartered Advanced is one supplier benefiting from the shift to the cloud as UK businesses and public sector organisations move into to the ‘business recovery’ phase of the pandemic. The PE-backed software and services provider has had a strong Q2 (to end August) despite Covid-19, with growing demand for its cloud software services

Recurring revenues were reportedly 62% higher year-on-year and normalised bookings of all types were up by 31% compared to Q2 last year. Although Advanced won’t provide absolute figures, our estimates suggest recurring revenues are in the tens of millions - the supplier turned over HV Premium£261m in FY20 with some £210m from UK software, securing it the twelfth place in our 2020 UK Enterprise Software rankings.

CEO Gordon Wilson told us he was pleasantly surprised by the strong Q2 performance having been prepared for some significant headwinds as a result of the pandemic. After a fairly flat Q1 (March-May), the mood in the market picked up in Q2 as organisations decided to ‘just get on with it’ and there was a sharp rise in demand for cloud-based software that enables staff to work remotely or from the office. More...

Posted by Tola Sargeant at '15:01' - Tagged: trading   cloud   software   covid-19