ActiveOps flags decent full-year revenue growth
By Josh White
Date: Wednesday 24 Apr 2024
(Sharecast News) - Decision intelligence software specialist ActiveOps said in an update on Wednesday that it anticipated group revenue to reach about £26.8m for the financial year just ended, marking a 5% increase from the prior year.
The AIM-traded firm said that on a constant currency basis, that represented 9% growth, which it attributed to a healthy performance in software-as-a-service (SaaS) revenue, offsetting challenges in training and implementation services experienced during the first half of the financial year.
It highlighted a significant increase in adjusted EBITDA, expected to be at least £2.2m compared to £0.7m in the prior year.
That growth was put down to strong SaaS performance and prudent cost management, which mitigated adverse foreign exchange movements.
Additionally, ActiveOps said it had strengthened its capital position, ending the year with £17.6m in cash, up from £15.4m a year earlier.
SaaS revenue saw a notable increase of about 8% compared to the prior year, or 11% on a constant currency basis.
That growth, coupled with a strong net revenue retention rate of 110% on a constant currency basis, resulted in annual recurring revenue reaching about £25.1m, marking an 11% year-on-year, or around 14% at constant exchange rates.
Operationally, ActiveOps said it achieved significant milestones, including securing new customer wins and expanding within its existing customer base.
The company said its migration of customers onto ControliQ Series 3 and the growing momentum in CaseworkiQ contributed to total CaseworkiQ annual recurring revenue growth of 95% for the year.
"2024 has seen another solid year for ActiveOps, expanding our customer base while launching exciting innovations within our offerings," said chief executive officer Richard Jeffery.
"Having achieved continued progress in profitability and with a strong balance sheet, we are well placed to invest in the management structure and sales teams to drive further organic growth across all our key markets."
Jeffery said the company was "excited" by the uptake of ControliQ Series 3 and the forthcoming release of Series 4, which with AI and ML technologies at their core were "primed" to make a difference for customers and create more value from their service operations.
"With a strong leadership team in place and market leading offering, we look forward to the year ahead with confidence."
ActiveOps said it would announce its results for the year ended 31 March on 25 June.
At 1308 BST, shares in ActiveOps were up 6.47% at 107p.
Reporting by Josh White for Sharecast.com.
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