31st Jan 2024 14:31
Fadel Partners Inc - New York-based media rights and royalty management software developer - Expects revenue to be in line with market expectations, up 10% at USD14.5 million in 2023, from USD13.2 million in 2022. Says that recurring revenue jumped 31% to USD11.4 million from USD8.7 million. The company expects "strong" services revenue of USD3.1 million for 2023, albeit 31% lower than USD4.5 million in 2022. Anticipates loss before interest, tax, depreciation and amortisation to be less than USD200,000, narrowed from USD1.5 million. Fadel plans to release its 2023 results in April.
Chief Executive Officer Tarek Fadel says: "It has also become increasingly clear that many of our existing and prospective customers require the solutions provided by both of our product families and we are delighted about the future prospects for the company. The growth in recurring revenues, the opportunity to increase our revenues from our existing and prospective clients and the encouraging pipeline, alongside resuming delayed professional services engagements, underpins our revenue growth plans for 2024."
Current stock price: 141.00 pence
12-month change: down 4.1%
By Tom Budszus, Alliance News slot editor
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