19th Jul 2018 11:45
LONDON (Alliance News) - Sopheon PLC shares rose Thursday as it expects revenue and profit for the first half of the year to be "significantly ahead" of the prior year as the positive momentum continued to build.
Shares were trading 18% higher at 895.00 pence each on the back of the news.
The software services provider said that revenue visibility at the end of June stood at USD26.5 million as the previous year's positive momentum continued.
Sopheon explained the "progress" it has made meant it expects pretax profit and revenue to both be "significantly" higher than the year before. For comparison, during the six month to June 2017 the company posted pretax profit of USD1.8 million on revenue of USD12.5 million.
The company increased net cash to USD15.5 million in the first half, up 63% from USD9.5 million at the end of 2017.
"As we start the second half of the year, sales activity remains high and the board remains confident that the company is trading comfortably in line with expectations," Sopheon added.
The company will post its interim results on August 23.
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