LONDON (Alliance News) - Information management software firm Ideagen PLC Wednesday said it expects to report more than a 50% rise in revenue in the recently ended financial year and an even larger lift to its earnings following "robust" trading throughout the year.
Ideagen said it expects to report revenue of GBP21.9 million for the year that ended in April, which would be 52% higher than the GBP14.4 million booked in the previous year, whilst adjusted earnings before interest, tax, depreciation and amortisation is expected to rise by over 57% to GBP6.3 million from GBP4.0 million.
"The strong trading results have been driven predominately by healthy demand across the group's Governance, Risk and Compliance markets, including the manufacturing, life sciences, aviation and rail verticals," said Ideagen.
"The board is also encouraged by the success of the group's newly launched SaaS platform, Enlighten, which is allowing the group to win larger contracts and grow high visibility, subscription-based revenue," the company added.
Without being more specific, Ideagen said it also expects to report a "significant increase" in its adjusted earnings per share, which it said "continues to be an important financial metric for the group".
"The board is pleased to report that trading for the year was robust and results to April 30, 2016, are expected to be in line with market expectations. The group delivered strong organic revenue growth of 10%, and a full year contribution from Gael which was acquired in January 2015," said the company.
Cash generation has also remained strong, particularly in the second half of the year, Ideagen said, and that has caused the net cash balance to amount to GBP6.3 million at the end of April compared to the GBP5.4 million net cash balance at the end of October.
Ideagen shares were up 5.8% to 56.35 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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