13th Jan 2015 08:23
LONDON (Alliance News) - Cloud-based software product company SYNETY Group PLC saw its shares rise early Tuesday, after it said it expects to meet market expectations for 2014 on the back of a revenue increase and a particularly strong fourth quarter performance.
SYNETY said annualised recurring revenue surged, rising to GBP3 million at the end of December from only GBP870,000 at the end of December 2013. Recurring revenue per user rose to GBP30.48 from GBP24.10, while its average new users per month increased to 419 from 224 a year ago.
For the fourth quarter to the end of December, annualised recurring revenue rose 40%, with recurring revenue per user rising 3% and average new users per month up 9%.
End-user numbers also jumped higher, up to 7,705 from 2,678 a year before.
The group said it expects its adjusted pretax profit and revenue for the full year to be in line with current market expectations.
"The board is pleased with the results from the fourth quarter of 2014. It is particularly encouraging that we continued to see growth in orders received month-on-month during the quarter which bodes well for 2015," said SYNETY Executive Chairman Simon Cleaver.
SYNETY shares were up 6.4% to 190.00 pence on Tuesday morning, making it one of the best performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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