Blue Prism Group PLC – Results

Blue Prism Group PLC (PRSM) release their results for the six months ended 30 April 2019 noting a good first half building the customer base.

The Group adopted IFRS 15 at the start of 2019. For ease of reconciliation to 2018 performance, the table above presents key financials presented under both IFRS 15 and the previous accounting standard, IAS 18

*Adjusted EBITDA is EBITDA loss adjusted to exclude share-based payments
** MRR restated to reflect the full impact of deals secured during the last month of the period

OPERATIONAL HIGHLIGHTS

• Continued to invest in sales & marketing to drive future growth
  –    New commercial framework introduced in 2H18 in order to drive adoption has increased deal count
  –    174% growth in Sales & Marketing headcount since 1H18 to support growth and improve reach
  –    New strategic hires with the appointment of Chief Sales Officer, Chief Customer Officer and Chief Marketing Officer, all based out of key US market
  –    Successfully launched the ‘connected-RPA’ marketing messaging to effectively communicate the value proposition of the product to customers and to centralise communications as the business grows
  –    Customer base now covers 27% of Forbes Global 2000
• Customer Success, designed to drive upsells and maintain retention rates beginning to roll out across the customer base
• Deepening relationships across the partner network – including enhanced strategic alliance with EY
• Investment continues into delivering the six skills that drive intelligent automation
  –    37 Technology partnerships with vendors including Microsoft, Amazon and Google
  –    Expanding Blue Prism Labs in London, PhD level heads introduced to drive the AI roadmap forward
  –    Launched Decipher, an AI powered document processing tool that can actively learn, announced in May 2019
  –    Launched Digital Exchange version 2, with increased adoption –  2,600 users, across 512 customers
• Acquisition of Thoughtonomy agreed for aggregate consideration of up to £80m, enhances cloud capabilities and directly addresses the mid-tier market

ALASTAIR BATHGATE, CEO, COMMENTED: “I am delighted with our progress in the first half of 2019, with an increase in deal momentum driven by the new commercial framework which we introduced to make Blue Prism easier to adopt. We have a good track record of helping customers scale, which provides an opportunity to upsell this new cohort. The RPA market continues to develop into a significant software category, and we are increasingly well positioned to capitalise on this. We are investing into this opportunity, including the acquisition of Thoughtonomy, announced today, which is an important step in targeting the mid-tier and developing our enterprise cloud approach.”