15th Jan 2024 08:46
(Alliance News) - Shares in IQGeo Group PLC jumped on Monday morning after the software firm said it expects 2023 results to be ahead of expectations.
IQGeo is a Cambridge, England-based provider of geospatial productivity and collaboration software for the telecoms and utility industries. The stock was up 19% at 330.00 pence each in London on Monday morning.
IQGeo expects revenue to exceed GBP44.2 million in 2023, representing growth of 66% from GBP26.6 million in 2022.
Adjusted earnings before interest, tax, depreciation and amortisation is expected to be over GBP6.4 million, up from GBP1.9 million. Order intake should be around GBP56.9 million, up 40% from GBP41.0 million.
Reflecting on 2023, IQGeo noted "strong growth and momentum across all key metrics", which the company said underpinned confidence in "further improvement and growth in the current financial year and beyond".
"I am delighted with our performance in 2023. We have delivered a very strong set of results and at the same time we have strengthened both our product competitiveness and our organisation," said Chief Executive Officer Richard Petti.
"Our record order intake, strong growth in exit ARR and more than three-fold growth in adjusted Ebitda demonstrate the strength of our proposition, our position in our chosen markets and the innovation of our technology. Our future is underpinned by global mega-trends that will deliver long-term sustainable growth in our end markets for the next decade and beyond."
By Holly Beveridge, Alliance News reporter
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