Ideagen : publish strong interim results

Increased new and recurring revenues, successful integration of acquisitions and momentum across USA, Europe and Asia-Pacific among the highlights

Ideagen today announced it expects to record its ninth year of successive growth following the release of its unaudited Interim Results.

The Nottingham-based firm grew both organically and from acquisitions made in the previous financial year, recording significant increases in new and recurring revenues.

Among the highlights include revenue rises of 43% to £17.2million, with Software as a Service (SaaS) sales increasing by 122% to £3.9m. New bookings rose significantly also, by 60% to £10.8m, while recurring revenues also climbed from 56% to 63%.

Ideagen also enjoyed a solid upturn in new bookings, rising 78% to £10.8m from £6.1m.

David Hornsby, Ideagen CEO, said the company's performance was in line with management expectations and its 'proven strategy'.

He said: 'We are delighted to report on another strong performance from the Group across all of our vertical markets and geographies during the first half of the year.

'The Group has achieved growth both organically and from the acquisitions made in the previous year as we continue to execute against our proven strategy. We are particularly pleased with the strong growth in our SaaS revenues and our sales execution and momentum in the USA, Europe, and Asia-Pacific regions.

'Current trading remains robust and in line with market and management expectations. The Board remain confident in the outlook for this year and beyond.'

There were a number of operational highlights for the company also, with robust growth across all of its Governance, Risk, and Compliance (GRC) areas.

Ideagen welcomed 112 new clients in the year, with 70% of new customer wins coming from outside of the United Kingdom.

Sixty-six of those were SaaS software projects, with Ideagen welcoming the likes of Boston Scientific, Dun & Bradstreet, Roche and RATP Group to its client base. Projects with Verizon, Hiscox, Siemens and the US Navy were among the highlights of its 46 new on-premise contracts.

Mr Hornsby was particularly pleased by the strong momentum shown in the USA, Europe, and Asia-Pacific amid the current political volatility in the UK.

He added: 'The market for GRC management solutions remains fragmented and the drivers are long-term and highly strategic. Trading continues to remain robust while a healthy pipeline reinforces confidence in our forecasts.

'We have been aware of the economic and political conditions in the UK for some time and the Group has responded by developing a strong and growing presence in a number of global markets. Our success in winning new business together with our increasing levels of recurring revenue and repeat business from our 3,000 strong customer base, provides us with confidence in the future prospects of the Group.'