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Ideagen - Marching through its targets
- Published:
22 Jul 2021 -
Author:
Andrew Darley | Kimberley Carstens -
Pages:
16
A year of trademark delivery of organic and inorganic growth lifted revenue 16%, recurring revenue +26% – including SaaS revenue +47%, and ARR +50% to £69.3m. FY to April 2021 began and ended within the pandemic, yet results are consistent with Ideagen’s historical strength in compliance software for regulated industries – including raising a £49m war chest and completing three acquisitions, while achieving recurring revenue at 83% of group revenue expanding in the US to deliver 36% revenue from across the pond. The formula is working, and its professional execution is proof of management excellence and deserving of a justified premium to the sector. With inorganic growth marching on, with two further small acquisitions announced already this week and a £100m debt facility in place to fund further acquisitions, the group maintains organic revenue growth and an enviable margin of 34.9%. We roll out maiden FY23 forecasts and lift our target price to 370p (347p) as the Ideagen machine proves its efficacy.