27th Mar 2023 19:55
(Alliance News) - IQGeo Group PLC on Monday reported a narrowed annual loss and nearly doubled revenue, leaving it confident for 2023 and beyond.
Headline revenue in the year to year ended December 31, 2022 grew 92% to GBP26.6 million from GBP13.8 million the year before, with recurring revenue accounting for 40% of the total.
The provider of geospatial productivity and collaboration software for the telecoms and utility industries said adjusted earnings before interest, tax, depreciation and amortisation improved substantially to GBP1.9 million from a loss of GBP800,000 in 2021. Its pretax loss narrowed to GBP1.8 million from GBP2.7 million.
IQGeo said exit annual recurring revenue of GBP15.1 million provides strong visibility of future revenues and cash flows.
"We remain very confident in our ability to deliver on our targets for 2023 and beyond," said chief executive Richard Petti.
He expects current levels of investment for fibre optic networks and grid modernisation to continue for a significant time.
By Jeremy Cutler, Alliance News reporter
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