20th Jan 2016 09:16
LONDON (Alliance News) - Cloud software company Synety Group PLC on Wednesday said its trading in 2015 was slightly ahead of its expectations, as revenue doubled.
The company said its revenue for the year will be GBP3.3 million, slightly more than double year-on-year, driven in part by a seven-fold rise in US revenue.
Recurring revenue for the year was up 54%, it said, with its end user base increasing by the same amount.
Synety said it continues to focus on large customers, key partners, driving cash generation, and reaching breakeven on its earnings.
"Following the announcement of an updated strategy last April, 2015 was a key year for Synety, and we are pleased to be delivering these numbers that are in line with expectations," said Chief Executive Simon Cleaver.
"The board are planning to continue with this focused strategy in 2016 and remain confident in Synety's future," he added.
Shares in Synety were up 2.2% to 80.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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