Ideagen boosts revenue expectations to £46.7 million
Abraham Darwyne
Company News - 2 min read
08:31, 14th May 2019

Ideagen (IDEA) FOLLOW, the supplier of Information Management software, posted a strong trading update on Tuesday.

It told investors that it expects results for the year to 30 April 2019 to be “marginally ahead of market expectations” for its 10th consecutive year of revenue and EBITDA growth.

It expects to report revenue up 29% at approximately £46.7million, (FY2018: £36.1million) and adjusted EBITDA up 30% at approximately £14.3 million (FY2018: £11.0 million).

The company provides software and services to organisations operating within highly regulated industries such as aviation, banking and finance and life science.

Shares in Ideagen were trading 4.3% higher at 133.5p each following the update

Ben Dorks, Chief Executive commented: "We are pleased to report that the Group has continued to perform well in delivering another year of quality earnings growth underpinned by strong cash generation.”

“The Group is successfully transitioning to a SaaS business model whilst ensuring we continue to grow revenues both organically and through acquisitions.”

Ideagen raised £19.4m in September 2018 via a share placing and acquired InspectionXpert, Morgan Kai, Scannell Solutions and IPI.

It told investors that organic revenue growth was around 8%, and that the Annual Recurring Revenue book was up 44% at £36.4 million.

Ben Dorks said: “Our growing base of recurring revenues and a strong pipeline of business opportunities from new logos and our growing customer base provides the Board with confidence for the current year and beyond.”

Some of its customers include global brands such as British Airways, BAE, US Navy, Bank of New York, Heineken, Johnson Matthey, and many others.

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