Blue Prism shares soar on trading update
, the Robotic Process Automation (RPA) software provider, saw a “significant acceleration in sales” in the second half of the year, driven by record upselling and increased deal sizes.
The AIM listed firm gave a full year revenue outlook of about £98 million for 2019, and said it entered 2020 with a record order book.
Blue Prism at 31 October had 1677 customers, a 69% increase from the previous year, which it said provided for a bigger base for the firm to upsell into future periods.
Shares in Blue Prism jumped 29.39% to 1149p during Thursday morning trading
Jason Kingdon, Executive Chairman, commented: "We have delivered an excellent performance across 2019, particularly in the second half of the year where we have seen record quarters in each of our key geographies.”
He added: “We have continued to expand our enterprise customer footprint and our track record of upselling into these customers is enviable, with increases in both the volume and sizes of these upsells in the second half of the year.”
Blue Prism said it had 1139 upsells into 544 customers so far in 2019.
Mr. Kingdon said: “The momentum we have seen this year begins to reflect the investments we made across 2018 and investments we have made in this financial year will now begin to impact 2020 and beyond.”
He added: RPA is fast emerging as a significant software category, customers are beginning to materially scale their deployments and Blue Prism is increasingly recognised as the product that can deliver this scale."
Follow News & Updates from Blue Prism here:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.