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Annual Results

Gresham adjusted earnings up 41%

14 March 2017 09:06

Gresham Technologies' revenues rose by 16% to £17.2m in the year to the end of December and statutory pre-tax profits increased by 38% to £2.2m.

The group said that importantly, the additional revenues were driven by high margin recurring and new Clareti sales, which resulted in a strong increase in annualised recurring revenues (17% over 2015) and associated growth in underlying profitability (adjusted EBITDA up 41% over 2015 at £3.8m).

Highlights

- Continued strong Clareti customer progress in 2016 with eleven new customer wins in the UK, the US and Asia Pacific and continued expansion of use from the existing customer base through increased existing usage and new use-cases. - Completed the acquisition of C24 Technologies Limited, adding approximately thirty-five C24 customers to the Clareti client base. - Clareti revenues up 42% to £7.5m (2015: £5.3m), including £0.3m from C24. Other revenues remained stable as planned. - Clareti software revenues up 38% to £4.7m (2015: £3.4m), of which Clareti software recurring revenues wre up 53% to £2.9m (2015: £1.9m). - Clareti annualised recurring revenues up 92% to £4.6m as at 31 December 2016 (2015: £2.4m), including £1.2m from C24.

- Continued investment in product innovation and global sales and marketing to build recurring revenues.

Chief executive Ian Manocha said: "The Group delivered an extremely confident performance in 2016 underpinned by strong organic revenue growth from Clareti solutions.

"We grew licence revenues from our existing Clareti base, won eleven new CTC customers, and brought another thirty-five customers into the Group through our acquisition of C24 Technologies Ltd.

"As a result our recurring revenue from Clareti has grown 53% year on year.

"2017 has already started positively with three new CTC customer wins."

At 9:06am: (LON:GHT) Gresham Computing PLC share price was -3.5p at 156.5p

Story provided by StockMarketWire.com

Related Company: GHT

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