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(Sharecast News) - Audience intelligence software specialist Pulsar Group said in its final results on Friday that its annualised recurring revenue (ARR) increased £2.7m, a significant improvement from the flat performance in the prior financial year.
The AIM-traded firm, formerly known as Access Intelligence, said the growth was driven by better renewal rates and new business wins.
It said the Asia-Pacific region saw a turnaround, with annualised recurring revenue growth of £1.6m in the 12 months ended 30 November, marking the first growth period since the acquisition of Isentia.
In contrast, the prior year saw a £2.5m decline in the region.
The EMEA and North America regions meanwhile saw annualised recurring revenue growth of £1.1m.
Total revenue for the year was £62.4m, down from £65.7m in 2022, although recurring revenue rose to 95% of total revenue, up from 93%, reflecting the company's focus on securing profitable long-term contracts.
Adjusted EBITDA jumped to £7.3m from £2.3 in 2022.
Pulsar said its headcount decreased from 1,110 in November 2022 to 940 in March 2024, aligning with improved renewal rates and growing annualised recurring revenue.
New client acquisitions in the EMEA and North America regions included prominent names such as Carnival, Dentsu, Kraft Heinz and Tesco.
In the Asia-Pacific region, the introduction of new features and functionalities led to key client wins, including Amazon, Hyundai, and the World Health Organization.
As of 30 November, the group's cash balance totalled £2.2m, down from £4.9m in 2022.
Since the period ended, Pulsar had secured a £3m debt facility and a £3m overdraft facility.
As of 31 March, the company's net debt position was £1.25m.
"Pulsar Group's comprehensive audience intelligence solution is at the forefront of innovation in marketing and communications," said non-executive chairman Christopher Satterthwaite.
"It has been embraced by leading global agencies who forge strategies for the world's largest brands and organisations.
"The growing demand for audience intelligence is undeniable as governments, corporations, brands, and individuals adapt to the pressures of today's communication landscape."
Satterthwaite said Pulsar's technology equipped organisations with the insight and engagement strategies needed to navigate such challenges, which were being heightened by the widespread adoption of artificial intelligence in media and social channels.
"In 2023, the resonance of the group's offering has helped to achieve a significant acceleration in annualised recurring revenue growth and improved adjusted EBITDA margins, overcoming the challenges of a difficult macro-economic environment.
"The turnaround in the Asia-Pacific region has been particularly impressive, driven by strong reception of our market-leading products and services among existing, former, and new customers."
Christopher Satterthwaite said the company's board was pleased with the progress achieved in 2023 in advancing the group's product offering and in generating profitable, global annualised recurring revenue growth.
"We remain confident in the group's ability to deliver growth, improved margins and cash flow in 2024 and beyond."
At 1222 BST, shares in Pulsar Group were down 5.06% at 73.57p.
Reporting by Josh White for Sharecast.com.
