Ideagen expects first-half earnings 'significantly ahead'
By Iain Gilbert
Date: Tuesday 13 Nov 2018
(Sharecast News) - Software outfit Ideagen reported "another excellent start" to its financial year on Tuesday, noting that it expected revenues and EBITDA to be "significantly ahead" after trading remained strong throughout the first six months of the year.
Ideagen now expects revenue and EBITDA to well and truly top last year's figures as a result of solid organic revenue growth and its acquisitions of Medforce, InspectionXpert and MK Insight.
The AIM-listed firm also saw strong customer demand and an improved execution of its sales strategy throughout the period ended 31 October, indicating that its transition was progressing successfully and ahead of schedule.
Total like-for-like bookings increased 34% and total like for like software-as-a-service bookings increased 80%.
On the back of the strong software-as-a-service showing, Ideagen anticipates to generate 74% of its revenues from recurring contracts by the end of 2020, up from the 70% previously anticipated.
Organic revenue growth in the period was 8%.
At the period end, Ideagen was in a net debt position of £1.3m, a marked turnaround from the £800,000 cash balance it held just six months earlier, after spending £24.3m on acquisitions and raising £19.4m on a share placing.
As of 1040 GMT, Ideagen shares had moved ahead 4.07% to 148.30p.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN