6th Jan 2020 09:22
(Alliance News) - Gresham Technologies PLC said Monday it expects to report a sharp rise in earnings for 2019 on double-digit revenue growth, following a strong second half performance.
The enterprise software and services company said that for the year it expects to reported adjusted earnings before interest, taxes, depreciation and amortisation of GBP4.0 million, increased more than fourfold from GBP1.1 million the year before.
This is on revenue which is set to rise by 25% to GBP25.0 million from GBP20.0 million. Segmentally, Clareti revenue was up 30% to GBP15.3 million, while revenue from other sources rose by 29% to GBP9.7 million.
Gresham Technologies reported trading in the second half with six new Clareti licences sold, which included a strategic contract in the US with an unnamed alternative investment management firm.
Looking ahead, in December Gresham finalised contractual terms with an unnamed global bank for an enterprise scale deployment of Clareti Transaction Control.
"The group made significant progress in 2019 with three major legacy reconciliation vendor replacement agreements and multiple new Clareti client wins across our target markets. It is pleasing to see a much stronger underlying recurring revenue base and good momentum in the business as we head into the forthcoming year," said Chief Executive Officer Ian Manocha.
Gresham Technologies will publish its annual results on March 10.
Shares in Gresham Technologies - which is headquartered in London - were up 4.3% at 127.80 pence on Monday.
By Dayo Laniyan; [email protected]
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