Notts software firm Ideagen delivers another year of revenue growth
Nottinghamshire-based provider of information management software, Ideagen Plc, is expected to deliver its eleventh consecutive year of revenue growth according to a trading update for the year ended April 30 2020.
The company sells safety, risk & audit software solutions which allow organisations to achieve operational excellence, regulatory compliance and reduce risk.
It is expected that the group will report a growth in revenue of 21% at approximately £56.6 million, as compared to £46.7 million in the previous financial year.
During the year, Ideagen gained 458 new customers, including Jet Propulsion Laboratory (NASA) and Baker Tilly, and increased Annual Recurring Revenues (ARR). The Board considers ARR to be the “main measure of growth and the basis for future financial success.” ARR recognised during the year is expected to be £43.1m, representing an increase to 76% of total revenues from 67% the previous year.
The ARR book increased 34% to £48.7 million, arising from both strong organic growth of approximately 19% and acquired ARR from three acquisitions made within the year.
Ben Dorks, Chief Executive of Ideagen Plc, said: “We are pleased to report that despite the impact of COVID-19 the Group has continued to perform well in delivering another year of quality earnings growth underpinned by strong cash generation.
“The Group has now successfully transitioned to primarily a recurring revenue model and has quickly responded to the new business environment and challenges that we face. I would like to thank everyone at Ideagen for their commitment and support during these difficult times.”