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17 Jul 2019 | 14:07

Ideagen adjusted profit rises on higher sales

Risk management software provider Ideagen posted a modest fall in annual profit, owing to higher finance and acquisition costs. Its underlying profit rose on higher sales.

Pre-tax profit for the year through April amounted to £1.38m, down from £1.40m on-year.

Revenue rose 29% to £46.7m and adjusted profit rose 26% to £12.2m.

The company declared a final dividend of 0.188p per share, bringing the full-year payout to 0.278p, up 15% on-year.

'The group's focus this year was on the execution and delivery of our growth strategy, both organically and through acquisitions, whilst continuing the transition to a SaaS based business model,' chief executive Ben Dorks said.

'We are pleased to report that we have achieved our objectives this year, significantly increasing the group's global footprint, particularly in the US, and delivered another year of strong revenue and profit growth, underpinned by excellent cash generation.'

'Trading since the year end has remained robust and we continue to see strong demand for our products from new potential customers.'

At 2:07pm: (LON:IDEA) Ideagen share price was +2.5p at 147p

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