7th Oct 2014 07:43
LONDON (Alliance News) - SYNETY Group PLC Tuesday expressed confidence for its future, citing its growing sales pipeline and the scale of its opportunity in the US, as its annual recurring revenue more than doubled in the nine months to end-September.
The cloud-based telephony company posted annualised recurring revenue of GBP2.2 million for the nine months, increased from an annualised GBP150,000 a year before.
The number of users rose to 6,156, up from 564 a year before, and recurring revenue per user rose to GBP29.59 from GBP22.80. The number of licenses sold rose to 14,025 from 794, and the average number of users per customer rose to 12.0 from 5.8.
SYNETY said that in the early part of 2014 it was focussed on "laying the foundations" for expansion and growth, and was now starting to see the benefits of this investment in its key performance indicators.
"I'm obviously delighted that the team's hard work is starting to bear fruit and anticipate that the level of new orders received in September is not only sustainable in future months, but should serve as a new base from which to grow," said Executive Chairman Simon Cleaver in a statement.
Shares in SYNETY are trading up 11% at 193.90 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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