24th Apr 2018 14:36
LONDON (Alliance News) - IMImobile PLC on Tuesday predicted higher revenue and profit for its 2018 financial year, as it saw a strong trading across Europe & the Americas and India & Southeast Asia territories during the year.
The software firm expects year-on-year revenue growth over 45% for the year to the end of March following strong trading momentum, with turnover ahead of market expectations. The prior year, IMImobile reported revenue of GBP76.1 million.
The company also forecasted gross profit to rise 17% from GBP43.4 million reported in 2017 financial year.
In Europe & the Americas, IMImobile delivered a strong organic gross profit growth, it said, helped with new contract wins and delivery of innovative and scalable solutions to its growing list of blue-chip clients. The performance also reflected the acquisition of patient communications services firm Healthcare Communications, it said. The year before, Europe & the Americas saw a gross profit of GBP22.9 million.
IMImobile said it now has "healthier" outlook for its Middle East & Africa division after securing new long-term contracts in the mobile operator, banking and broadcast sectors. However, these did not fully offset year-on-year decline in gross profit, due to the currency headwinds and the impact of a major customer contract renewal, it said. The year earlier, the Middle East & Africa delivered gross profit of GBP13.5 million.
India & Southeast Asia region saw very strong organic growth, IMImobile said, driven by successful deployments for Norwegian telecommunications company Telenor Group ASA and a further client win in the public sector.
The India enterprise and textlocal units have also experienced good growth, the company said, with a total of over 18,000 paying customers. The prior year, India & Southeast Asia posted a gross profit of GBP7.0 million.
"We have successfully built high quality software products that are well positioned to help our clients meet the challenges of digital transformation," said Chief Executive Jay Patel. "The group has now established its reputation for strong cash generation and year-on-year progress and we expect growth from all our divisions and geographies in the coming year."
Shares in IMImobile were trading 1.1% higher at 283.20 pence per share on Tuesday.
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