LONDON (ShareCast) - (Sharecast News) - Management automation software company ActiveOps said in an update on Thursday that it was trading in line with its previously-upgraded expectations, with nine new logos added since the beginning of the financial year.
The AIM-traded firm said trading was "particularly strong" across the EMEIA and Australia geographies, offsetting slower-than-expected US growth, and "some softening" of retention rates due to the ongoing impact of the Covid-19 pandemic.

It said the US region was, however, the fastest growing region compared to the prior year, with a "strong and growing" pipeline.

The group said it was still benefiting from a strong balance sheet, with cash "comfortably ahead" of management expectations, providing it with a "strong basis" from which to invest in its expansion while managing the impact of inflationary pressures.

Looking forward, the board said it was confident in the company's outlook, as a "clearly defined" list of target customers fed into an "existing and robust" pipeline.

The impact of the pandemic on global operations, and the evolving requirements for hybrid working, were driving new levels of demand for better data and operational control, ActiveOps reported.

It said the value of sales opportunities in its pipeline at the formal proposal stage or later was 60% higher than in February last year.

ActiveOps said its product release pipeline was "equally strong", with a number of major advances in artificial intelligence (AI) and data-driven management process automation due for release this year.

"We're pleased to confirm a positive close to the year, securing new logos across all our target industries and geographies while expanding our team and offering," said chief executive officer Richard Jeffery.

"Our high levels of recurring revenue and gross margin provide us with a strong basis as we look ahead, and while we see some ongoing disruption in the US market from Covid-19, the successes in EMEIA and Australia, combined with a considerably elevated sales pipeline, provide us with confidence in our ability to successfully execute on our growth strategy."

At 1224 GMT, shares in ActiveOps were down 17.37% at 97.5p.

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