Ideagen reports £29.2 million revenue in first half of year
The Nottinghamshire-based company reported revenue of £29.2 million, up from £27.3 million in H1 2019. Adjusted PBT meanwhile increased by 23% to £7.4 million (up from £6 million in H1 2019).
The firm also recorded ARR growth of 20% and adjusted EBITDA growth of 25%.
The CEO of Ideagen Plc, Ben Dorks, said: “I am pleased to report another excellent first half of Ideagen’s financial year. We continue to execute our strategy, delivering growth both organically and through acquisitions, and have invested in the Group without compromising our disciplined approach to costs. Our business model has remained resilient throughout the pandemic, with growth being driven from a number of industries.
“Cash generation has been strong which, coupled with further growth in new SaaS recurring revenues and an increase in repeat business from our growing customer base, provides a strong platform for the second half. Given the size and longevity of the Regulatory and Compliance market and the Group’s position as a leader in the space, the Board is optimistic about our continued growth prospects.”
Ideagen Plc also noted in its unaudited interim results for the six months ended 31 October 2020 that it has made a positive start to the second period of the financial year. The business raised almost £50m (£48.7m) in funds to finance its acquisition pipeline in December 2020 and later that month made its 20th and largest acquisition to date, with the purchase of Huddle for £28 million.
The business also announced that Chairman, David Hornsby, will retire in May 2021. David established the Ideagen Group in 2009 and was its CEO until 2018, when he was succeeded by Ben Dorks.
The role of Chairman will become a non-exec role and will be taken on by Richard Longdon, Ideagen’s most senior non-exec director and a former executive of Aveva Group Plc. During his 33 years at Aveva he steered the business from a £7 million management buyout to a value of £1.4 billion when he retired in 2016.
The executive duties that were previously part of the Chairman’s role will be handled by Ben Dorks and Emma Hayes, Ideagen’s CFO, who has 10 years’ experience in corporate finance with Deloitte and brings significant M&A expertise to the Group.