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Thursday 14 January 2021

Blue Prism puts on 46% in 2020

Blue PrismPreliminary results for the year ended 31st October out this morning from Robotic Process Automation (RPA) provider Blue Prism, have the Group growing 46% in booking revenue of £141.4m (FY 19 £96.8m), 98% of which is accounted for by recurring licences (96% FY 19). EBITDA losses improved to -£40.3m from -£76.1m in FY 2019.

Highlights for the year, included growth of 21% in customer numbers to 2,031 with over 250,000 registered users of their software, an increase of 97% on the prior year. Given the amount invested in the Thoughtonomy acquisition the Group will also be pleased with a 147% increase in Blue Prism Cloud bookings. 

Upselling and scaling implementations is a key part of the Blue Prism strategy and whilst numbers of upsells grew (647 customers Vs FY19 536) the average value of an upsell deal fell as customers responded to COVID uncertainty by delaying or reducing spend. As a result, net retention for the year was lower at 113% (FY 19 143%). On the plus side cash flow improved significantly particularly in the second half aided in part by COVID related savings.

Blue Prism’s differentiator as a really robust enterprise-wide platform centrally managed and deployed across organisations remains key, in what is becoming a crowded and confusing automation landscape. Initiatives like the Blue Prism Digital Exchange remain central to developing a winning ecosystem of intelligent automation technologies that will make digital workers and human colleagues working side by side a genuine business norm.

Longer term, Blue Prism should be a significant net beneficiary of the recent acceleration to digital with automation being an increasingly important lever for how organisations reengineer their operations post COVID. Keeping up with/ahead of the competition will, however, require significant further investment hence the announcement in November to exploring a potential secondary listing in the United States.

Posted by: Marc Hardwick

Tags: results   automation   RPA  

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