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Monday 13 September 2021

Need for resilience plays to IQGeo's strengths in H1

IQGeo logoThe business improvement story continues at IQGeo, the AIM-listed provider of geospatial software to the telecoms and utilities sectors, despite ongoing disruption from COVID and growing impact of climate events (fire, floods, storms). Indeed, the increased focus on network resilience in the face of disruption has played to IQGeo’s strengths helping it to expand market share and gain new logos in North America, Europe and Japan over the first six months of the financial year. 

In terms of H1 performance (to 30 June 2021) revenue increased some £1.6m to £6.4m, a 35% uplift, aided by the December 2020 acquisition of OSPI which provided further access to the US market and specific capabilities in fibre optic network planning and design. It is also now established as the SMB division of IQGeo, providing a more structured way to address this part of the market. However, performance also benefitted from increased sales of IQGeo’s own IP (one of its strategic objectives) enabling organic revenue to show growth. Recurring revenue growth is another of its strategic objectives which also saw progress rising from £1.6m o £2.6m and now representing a healthy 40% of revenue.

The bottom line is still a struggle but is moving in the right direction as losses reduced from £1.7m for the six months to £1.04m, while the adjusted EBITDA loss reduced from £1.2m to £0.4m. 

Since emerging as a standalone business following the disposal of Ubisense RTLS over two years ago, IQGeo has been on a mission to prove itself and based on the last few sets of financial results it is doing just that. 

Posted by: Angela Eager at 08:33

Tags: results   software   geospatial  

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