28th Jan 2020 12:22
(Alliance News) - IQGeo Group PLC on Tuesday reported revenue growth in 2019 and said it is confident about its future prospects.
The stock was trading 0.9% higher in London around midday at 59.00 pence a share.
The geospatial software provider said its performance was "strong" in 2019 as it continued to win new customers. The company also said it has expanded its presence in North America and added new contracts in Europe and Japan.
IQGeo's product order intake more than doubled year-on-year in 2019, it said, adding 13 new customers to a year-end total of 50.
The company said it continued to focus on annual recurring revenue from software subscription, maintenance and support. As a result, IQGeo's annual recurring revenue in 2019 grew by 60% to GBP2 million. Own product revenue, meanwhile, climbed to GBP5.5 million from GBP4.7 million year-on-year.
"I am encouraged by IQGeo's strong progress against our strategic priorities," said Chief Executive Richard Petti.
"We expect 2020 to deliver further growth and reduced cash consumption. Along with the board, I am confident about IQGeo's future prospects for success," added Petti.
By Evelina Grecenko; [email protected]
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