8th May 2018 12:34
LONDON (Alliance News) - Ideagen PLC on Tuesday said performance in its recent financial year met expectations as it also announced a shake-up of its management team.
Ideagen, an information management software firm, said Chief Executive David Hornsby has moved to the role of executive chairman.
Replacing him will be current Chief Customer Officer Ben Dorks, and Ideagen also said Non-Executive Chairman Jonathan Wearing has stepped down, though will continue as a non-executive director.
Ideagen is expected revenue at GBP36.1 million for its year ended April, 33% higher year-on-year. Adjusted earnings before interest, tax, depreciation, and amortisation is guided to be around GBP11.0 million, up 40% on the prior year.
Trading was strong in all verticals, it said, and organic revenue growth was around 11%.
Hornsby said: "We are pleased to report that the group has continued to perform well in delivering another year of high quality earnings growth underpinned by strong cash generation. We continue to grow organically and to increase the percentage of our revenues derived from recurring business.
"The group has significant contracted work in progress, a growing base of recurring revenues and a strong pipeline of new business opportunities which provides the board with confidence for the current year and beyond."
Shares were up 6.2% on Tuesday at a price of 119.45 pence each.
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