Ideagen has reported prelims in line with the full-year trading update, with revenue of £14.4m (vs. £14.2mE), adjusted PBT of £3.6m, and adjusted diluted EPS of 2.1p, all as expected. The transformative January acquisition of Gael contributed to the strong performance through doubling run rate revenue and delivering proforma organic growth of 5.3% across the group. Year-end run rate recurring revenue is £10.6m, underpinning earnings quality and visibility, while the net cash balance of £5.3m offers further strategic opportunities. With strong drivers for growth across multiple sectors exposed to the requirements of governance, risk, and compliance, and continuing momentum in the healthcare sector, we reiterate our 52p target price while acknowledging that acquisitions are likely to continue to be an unmodelled feature of the board’s consistent growth strategy.
