17th Jul 2019 11:32
(Alliance News) - Ideagen PLC on Wednesday said it saw 29% growth in revenue in its most recently ended financial year, helped by acquisitions and increased demand for its products.
The risk management software supplier said revenue for the year to the end of April totalled GBP46.7 million, up from GBP36.1 million reported a year prior, while pretax profit remained broadly flat year-on-year at GBP1.4 million.
Ideagen explained that it incurred costs of GBP1.3 million, compared to just GBP400,000 last year, in acquiring the businesses of InspectionXpert, Morgan Kai and Scannell during the 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 software-as-a-service based business model," explained Chief Executive Ben Dorks.
"Trading since the year end has remained robust, and we continue to see strong demand for our products from new potential customers," continued Dorks. "Furthermore, the repeat business derived from more than 4,000 customers, provides the Board with confidence in the prospects for the group for the current year and beyond."
Ideagen shares were trading 1.2% higher on Wednesday in London at 146.20 pence each.
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IDEA.L