Prelims reveal performance in line with unchanged expectations and the positive May trading update, highlighting 52% revenue growth, including 10% proforma organic, and an increase in recurring revenue to £11.5m, representing 53% of group revenue. The customer base need for Governance Risk and Compliance continues to increase, particularly but not exclusively in industries where the consequences of failure are high. With the development of the Ideagen product set and its progress towards a modular best-of-breed solution creating a unified view of risks across a corporation (public or private), Ideagen is well placed to continue to benefit as non-compliance with common standards becomes indefensible. Target price lifted to 65p (61p), equivalent to 12.5x FY18 EV/EBITDA.
