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Interims: strong recurring revenue growth
- Published:
23 Jan 2018 -
Author:
Andrew Darley -
Pages:
12
Typically strong interims are in line with the November trading update. Revenue growth of 43% to £17.2m delivered 48% of mildly lifted full-year expectations (increased from £34.9m to £35.9m), alongside 43% of EBITDA (full-year expectations unchanged at £11.0m). Recurring revenues grew 60% to hit 63% of group revenue (1H17: 56%), including 22% SaaS revenue, which had grown 122% year-on-year. With consistently strong cash generation and momentum, increased investment in product development and international sales is accompanied by 15% dividend growth, describing management confidence for 2H18 and beyond. Target 120p (108p).