8th Oct 2018 11:39
LONDON (Alliance News) - Sopheon PLC said Monday it has scored a record performance in its third quarter and now expects to exceed annual market expectations.
Sopheon said the market expectation for its 2018 revenue had been USD31.6 million, with a pretax profit of USD5.0 million. This compares with revenue of USD28.5 million and profit of USD5.1 million in 2017.
Shares in Sopheon were up 11% at 1,010.00 pence on Monday.
Sopheon provides software-as-a-service to businesses, with the aim of improving a company's revenue and profitability. These solutions are provided through its Accolade platform and include, among other things, product development, strategic planning, and project management.
When Sopheon's interim statement was published in August, the company said its revenue visibility had reached USD27.2 million. However, due to two contracts booked near the end of the third quarter, revenue visibility has now "broken through" USD30 million, it said on Monday.
Sopheon defines revenue visibility as revenue expected from closed licence orders, contracted services expected to be delivered in the year, and recurring maintenance, hosting, software-as-a-service, and rental streams.
In the first half of 2018, pretax profit was USD2.9 million, well ahead of USD1.8 million a year before, as revenue climbed to USD15.9 million from USD12.5 million.
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