Blue Prism (AIM:PRSM), a global leader in Robotic Process Automation, today provides a trading update following the close of its financial year ended 31 October 2018.
The Board is pleased to report that the strong sales momentum seen in the first half of 2018 has continued, with a strong second half, particularly in the fourth quarter.
The total number of software deals secured during the 2018 financial year is 1,359 (FY17: 609), consisting of 528 customer additions (FY17: 324), 723 upsells across 310 customers (FY17: 264 upsells across 131 customers) and 108 renewals (2017: 21). The total customer base at the end of 2018 closed at 992 (2017: 477).
This commercial progress means that the Board expect to report revenue for the year ended 31 October 2018 slightly ahead of expectations. The EBITDA loss1 is expected to be larger than current expectations due to continued investments into the Group’s growth strategy and increased sales commissions arising from the strong fourth quarter. Cash generation for the year ended 31 October 2018 has remained strong and as such net cash at 31 October 2018 is expected to be higher than the Board’s expectations.
The Board is encouraged by the exit monthly recurring revenue generated by the sales momentum in the financial year ended 31 October 2018, and as a result, expects revenue for the 2019 financial year to be comfortably ahead of expectations. It is the intention of the Board to continue to prioritise investment for continued growth, and as such they currently expect EBITDA losses1 for the 2019 financial year to exceed those in the 2018 financial year.
Blue Prism will report its financial results for the year ended 31 October 2018 on Thursday, 24 January 2019.
Alastair Bathgate, Chief Executive Officer, commented:
“I am very pleased with the progress we have made in 2018 and the results we are set to deliver. It is a reassuring sign that our strategy to invest in growth during this phase of Blue Prism’s evolution is the right one, in order to create long term value for our shareholders.”