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Ideagen makes 'limited' redundancies in response to pandemic

By Iain Gilbert

Date: Tuesday 07 Apr 2020

Ideagen makes 'limited' redundancies in response to pandemic

(Sharecast News) - Risk management software supplier Ideagen said on Tuesday that it had made "limited" redundancies, salary freezes and "operational efficiencies" in response to the Covid-19 pandemic.
Ideagen said the moves would cut its annual cost base by ?4m in an effort to help meet market expectations for adjusted underlying earnings for the year ending 30 April.

The AIM-listed group added that full-year revenues were expected to be about ?56m - down slightly from previous forecasts of ?58.5m.

Ideagen said it had secured new customers within the internal audit, UK healthcare, life sciences and US Federal markets. However, the group warned that investment decisions and timing of deployments within aviation and manufacturing had been taken significantly hits from government travel bans and market dynamics as a result of the Covid-19 pandemic.

Chief executive Ben Dorks said: "Whilst our performance in our fourth quarter has been affected by the current crisis our strategy and business model remain robust and I am proud of our execution at this difficult time.

"We believe that the group is now well placed to manage its business risk effectively, emerge from the current environment in good health able to take advantage of business opportunities once the pandemic has subsided."

As of 0955 BST, Ideagen shares were up 1.78% at 172p.

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