Blue Prism Group PLC – Interim Results

Blue Prism Group PLC – Interim Results

Blue Prism, a global leader in Robotic Process Automation, is pleased to announce unaudited interim results for the six months to 30 April 2018.

Financial Highlights

  • Revenue increased 145% to £22.9m (H1 2017: £9.3m)
  • Recurring licence revenue represented 93% of total revenue (H1 2017: 91%)
  • Exit run-rate (recurring licence revenue) increased to £4.4m per month at 30 April 2018 (30 April 2017: £1.7m per month)
  • Adjusted EBITDA loss of £4.1m (H1 2017: loss of £2.7m)*
  • Cash and cash equivalents at 30 April 2018 were £54.6m (30 April 2017: £10.6m)

*EBITDA loss adjusted to exclude share-based payments, and foreign exchange gains/(losses) and the costs of the equity placing completed in January 2018.

Operational Highlights

  • Continued sales momentum, with 559 software deals secured, constituting:
    223 new customers (H1 2017: 118)
    298 upsells secured across 169 customers (H1 2017: 83 upsells across 53 customers)
    38 renewals (H1 2017: 8 renewals)
  • Further growth in customer base, which now stands at 700 (H1 2017: 271)
  • Deepened engagement with Partner channel and large-scale technology vendors; renewed partnership with identitii, global collaboration with Fujitsu and partnering with TrustPortal for customer interaction with process automation in real-time
  • Concluded cloud collaborations with Google and Microsoft after the end of the period
    The collaborations provide Blue Prism customers with accelerated access to AI capabilities across Microsoft and Google AI platforms, Azure Machine Learning and Analytics capabilities  
  • Global nature of market opportunity underscored by increasing internationalisation of customer base:
    US customer base stands at 214 (H1 2017: 58), with 79 new customers (H1 2017: 32), 77 upsells (H1 2017: 19) against 63 upsells in all FY17, and 9 renewals (H1 2017: 1) secured in the period
    APAC customer base now at 82 (FY17: 52; FY16: 3), with 29 new customers, 20 upsells in H1 2018 against 27 upsells in all FY17 and 4 renewals secured in the period
  • Sales and services operations opened in Germany, France and Singapore, adding to those already established in Australia, Japan and India
  • Global employee base increased to 271 (H1 2017: 127), up from 189 at FY17
  • Following the successful Placing in January 2018, the Group has invested to further its objectives, namely: scaling sales and marketing, adding relevant talent and expertise, investing in product development, developing the partner channel and broadening the Group’s global presence.

Alastair Bathgate, CEO, commented: “We have continued to make strong progress during the first half, growing our business and expanding the scale of our platform alongside the rapidly growing RPA market. We are pleased to see ongoing sales momentum, supported by both new customer wins and strong upsells to existing customers, all through a global partner ecosystem which remains highly engaged in RPA and the transformational power of this technology.

In January, we raised additional funds to help underwrite our growth plans and have begun to use those funds to invest in the talent, reach and platform we need to ensure we continue to scale successfully.  The sales momentum we have seen so far this year, coupled with a solid pipeline and increasing support from our partner network, gives us continued confidence as we go into the second half and beyond.”

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