Cerillion PLC – CER – Interim Results

Cerillion PLC – CER – Interim Results

Cerillion plc, the billing, charging and customer relationship management software solutions provider, today issues its interim results for the six months ended 31 March 2021.

Record Six-month Period and Continuing Strong Prospects

Highlights

Financial

Record performance for new orders in H1, up 148% to £23.6m (2020: £9.5m):

-      total new customer sales amounted to £18.1m, including largest ever contract win, a $18.4m agreement with Telesur, the leading telecommunications provider in Suriname, Latin America, signed at the end of March 2021

-      major channel partner relationship yielded its first contract in early March 2021, worth £5.0m

Revenue up 26% to £12.8m (2020: £10.2m):

-      reflects scale of implementations under way, underpinned by major new contract wins

Annualised recurring revenue1 up 43% to £9.0m (2020:  £6.3m) at 31 March 2021

Back order book2 up 74% at 31 March 2021 to a record £42.1m (2020: £24.2m)

Adjusted EBITDA3 up 77% to £4.8m (2020: £2.7m)

Adjusted profit before tax4 up 124% to £3.8m (2020: £1.7m)

Adjusted earnings per share5 up 105% to 11.5p (2020: 5.6p)

Net cash up 60% to £7.7m at 31 March 2021 (31 March 2020: £4.8m)

Interim dividend up 20% to 2.10p (2020: 1.75p)

Operational

Continued use of remote working and on-line collaboration tools to ensure staff safety in the face of the ongoing coronavirus crisis

Major new contracts in implementation in H1 included:

-    £11.2m contract won in September 2020 with a major UK provider of enterprise connectivity solutions

-    £5.0m contract won in March 2021 with a publicly-owned network operator in the Middle East via a major channel partnership

-    $18.4m contract won in March 2021 with Telesur in Suriname, Latin America

New business pipeline is 9% higher year-on-year at £130.8m at period end, even after recent new customer wins

The Board believes that the Group is well-positioned to deliver its full year targets

 

Louis Hall, CEO of Cerillion plc, commented:

"These record interim results, with all major performance measures moving to new highs, demonstrate Cerillion's continued upward momentum.

"Over the last three quarters, we have signed two of the largest contracts in the Company's history.  This reflects the strength of our solutions and services capability, our increasing market profile, and the significant investments being made by telecommunication providers in infrastructure and systems.

"Recent new contract wins have lifted our back order book to a new record level, and we therefore remain very confident of continuing revenue and earnings progression. The strong sales pipeline also provides further opportunities to accelerate Cerillion's growth."

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