19th Jul 2021 15:54
(Alliance News) - IQGeo Group PLC on Monday said it expects to report strong performance for the half year.
Cambridge, England-based IQGeo is a developer of geospatial productivity and collaboration software for telecoms and utility network operators.
The company expects to report strong performance for the six months ending June 30, in line with expectations, achieved through the growth of the IQGeo core business and the successful integration of the OSPInsight business acquired in December 2020.
Revenue for the six months ended June 30 is expected to be not less than GBP6.0 million, an increase of at least 28% year-on-year from GBP4.7 million.
IQGeo own product revenue is expected to grow by over 50% to exceed GBP5.5 million from GBP3.6 million in the first half of 2020. Own product order intake has grown by 25% to GBP6.9 million from GBP5.5 million the year prior.
As at June 30, the company had net cash of GBP12.1 million.
With a global focus on de-carbonisation and continued global investment in fibre and 5G rollout programmes, IQGeo operates in markets with significant investment capital.
"We are very pleased with our first half performance which has been in line with our strategic milestones and financial plans. Notwithstanding the current pandemic demand for our geospatial software remains robust as our existing customers and new prospects continue to invest in improved service, new technology and network expansion. We look forward to the second half of the year with optimism and are confident of continuing to meet our expectations," said Chief Executive Richard Petti.
Shares in IQGeo were up 0.8% at 122.00 pence each in London on Monday afternoon.
By Amrit Sahota; [email protected]
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