Ideagen PLC – Preliminary Results

Ideagen PLC – Preliminary Results

Ideagen PLC (AIM: IDEA), a leading supplier of Integrated Risk Management software to highly regulated industries, announces its unaudited preliminary results for the year ended 30 April 2019.


Financial Highlights

·      Revenue increased 29% to £46.7 million (FY2018: £36.1 million)

o  Recurring revenues represented 67% (FY2018: 62%) of total revenues

o  SaaS revenues increased by 63% to £13.7 million (FY2018: £8.4 million)

o  Underlying organic revenue growth* of 8% (FY2018: 11%)

·      Annual Recurring Revenue book (ARR) was up 44% at approximately £36.4 million (FY2018: £25.3 million)

·      Adjusted diluted EPS*** increased by 15% to 4.8 pence (FY2018:4.19 pence)

·      Adjusted EBITDA** increased by 30% to £14.3 million (FY2018: £11.0 million)

·      Adjusted PBT*** increased by 26% to £12.2 million (FY2018: £9.7 million)

·      Cash generated from operations of £13.4 million (FY2018: £9.1 million) representing 94% (FY2018: 83%) of adjusted EBITDA** before a net payment of £1.1 million (FY2018: £0.3 million net receipt) received from option holders in the prior year for taxes on options exercised

·      Net debt as at 30 April 2019 was £1.3 million (FY2018: net cash of £0.8million)

·      Proposed final dividend of 0.188 pence per share - Making a total dividend of 0.278 pence per share for the year which represents a 15% increase over the FY2018 dividend of 0.241 pence per share


Operational Highlights 


·      Acquisition of InspectionXpert Inc adding 900 US manufacturing customers, IP, growing SAAS recurring revenues and a platform for further growth in North America

·      Acquisition of Morgan Kai adding 400 Internal audit customers, doubling the size of our internal audit business

·      Acquisition of Scannell Solutions a Software as a Service (SaaS) company that has developed a functionally rich content enabled Environmental, Health, and Safety platform

·      77% increase in SaaS bookings (FY2018: 174%)

·      Strong international growth with 87% (FY2018: 78%) of all new SaaS logo wins outside of the UK

·      273 new logo SaaS customer wins including Glaxo SmithKline, Keolis, Green Climate Fund, Boston Biomedical, Fidelity National Finance, Air Nostrum, Immunomedics Inc

·      140 new logo on-premise customer wins including Transport For London, Cancer Research UK, Thompson Aero Seating, Addiko Bank, TP Aerospace, SAMREF

·      Strong account management with significant contract extensions from Triumph Group, Pfizer, Regeneron Pharmaceuticals, Meggitt PLC, Thales Group, International Energy Agency

·      Continued high levels of customer retention with support and maintenance contract renewal rate of 95% (FY2018: 96%)

·      Ongoing product innovation and investment across all products with strong emphasis on cloud


*        Comparison calculated on a pro-forma basis as if acquisitions had been in the Group for the same period in the previous year

**      Before share-based payments and exceptional items

***    Before share-based payments, amortisation of acquisition intangibles and exceptional items     


Ben Dorks, Chief Executive of Ideagen, commented: "The Group's focus this year was on the execution and delivery of our growth strategy, both organically and through acquisitions, whilst continuing the transition to a SaaS based business model. We are pleased to report that we have achieved our objectives this year, significantly increasing the Group's global footprint, particularly in the US, and delivered another year of strong revenue and profit growth, underpinned by excellent cash generation.

Trading since the year end has remained robust and we continue to see strong demand for our products from new potential customers. The acquisition of Redland post the period end has further enhanced the Group's portfolio of products and growing recurring revenues. Furthermore, the repeat business derived from more than 4,000 customers, provides the Board with confidence in the prospects for the Group for the current year and beyond."

No Comments

Post a Comment