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14 May 2019 | 08:45

Ideagen expects results 'marginally ahead' of market expectations

Ideagen said it expected annual results to be 'marginally ahead' of market expectations with revenues expected to grow by more than a fifth. For the year ended 30 April, the company expected to report revenue up 29% at approximately £46.7m, and adjusted earnings (EBITDA) up 30% at approximately £14.3m. 'Trading was once again robust across all key verticals with the group delivering organic revenue growth of approximately 8% and generating a substantial increase in recurring revenues as the transition to a SaaS model continues,' the company said. The annual recurring revenue book at 30 April 2019 was up 44% at approximately £36.4m, driven by an increase in SaaS bookings coupled with the three acquisitions made within the year. Net debt as at 30 April 2019 was higher at £1.3m from £0.8m a year earlier.

At 8:45am: (LON:IDEA) Ideagen share price was +4.5p at 132.5p

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