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Robust interims
- Published:
26 Jan 2016 -
Author:
Andrew Darley -
Pages:
8
Robust interims to October indicate revenue, EBITDA and adjusted PBT in line with unchanged expectations. Revenue growth of 75% included underlying organic growth of 6%, with adjusted EBITDA and adjusted PBT growth of 65%. Consistent revenue visibility of 53% (FY15:53%) of revenue covers 87% (84%) of fixed opex, while renewals were strong at 97%. New customer wins in the period include Schiphol Airport, Kyocera, and others, while significant orders from existing customers included PwC, BBVA, Meggitt and BTG. The post period end award decision notice for a five-year £4.9m contract with a public sector agency gives tremendous credibility to Ideagen’s SaaS-based Enlighten platform, adding further trade awareness and momentum. We reiterate our 52p target in full expectation of further unmodelled acquisitions, with a supportive £5.4m net cash balance.