Nottingham based global software giant expects revenues to rise despite Covid-19 impact

A global software firm headquartered in Nottingham has said it expects its revenues to rise despite the impact of the coronavirus crisis.

In a trading statement issued this morning, Ideagen, which provides information management software for the governance, risk and compliance market, said it expects revenues to grow by 21% to around £56.6 million.

This would make it the 11 ^th consecutive year that the business has recorded a growth in revenue.

In the year ended April 30, the business, which has clients across the world, gained 458 new customers, including Jet Propulsion Laboratory (NASA) and Baker Tilly.

Ideagen said it continued to experience growth across a range of industry sectors and geographies.

Ben Dorks, chief executive at Ideagen (Ideagen)

In the trading statement, the firm said: “Despite the challenging economic times, Ideagen’s customers consider their products to be essential and therefore the company has not experienced the sort of downturn many other companies are facing at the current time.

“A refocusing of company strategy at the end of the financial year and the implementation of a prudent cost reduction programme, that has released £4 million of annual savings, means the group has the right financial model to meet market expectations for the current year and continues to intend to pay a dividend in respect of the financial year, in line with its progressive dividend policy.”

Ben Dorks, chief executive at Ideagen, said: "We are pleased to report that despite the impact of Covid-19 the group has continued to perform well in delivering another year of quality earnings growth underpinned by strong cash generation.

“The group has now successfully transitioned to primarily a recurring revenue model and has quickly responded to the new business environment and challenges that we face.

“I would like to thank everyone at Ideagen for their commitment and support during these difficult times.”

Because of the impact of coronavirus on the audit process, Ideagen said its full-year results would be published later than normal. The expected date is now on or around September 22.