Ideagen, the UK-based global software firm with a large operation in East Kilbride, said that trading for the year has been strong and it expects results to be marginally ahead of market expectations.
In a statement today providing an update on trading for the year ended 30 April the firm, that supplies information management software to regulated industries, said it expects to report revenue up 29% to around £46.7 million.
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Ahead of the announcement of its full year results on or around 17 July 2019, Ideagen said it expects adjusted EBITDA to be up to around £14.3 million, from £11 million.
Ideagen said this is the tenth consecutive year of revenue and adjusted EBITDA growth.
It explained that trading was once again robust with the group delivering organic revenue growth of approximately 8% and generating a substantial increase in recurring revenues. The annual recurring revenue (ARR) book at 30 April 2019 was up 44% to around £36.4m from £25.3m in 2018.
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Net debt at 30 April was £1.3 million, compared to net cash of £0.8m a year earlier. It raised £19.4m in September 2018 through a share placing and paid a total of £28.7m to buy InspectionXpert, Morgan Kai, Scannell Solutions and IPI and £0.6 million in dividends.
Ben Dorks, Ideagen chief executive, said: "We are pleased to report that the group has continued to perform well in delivering another year of quality earnings growth underpinned by strong cash generation.”
