Ideagen PLC Pre-Close Trading Update (5314Y)
May 18 2016 - 2:00AM
UK Regulatory
TIDMIDEA
RNS Number : 5314Y
Ideagen PLC
18 May 2016
18 May 2016
Ideagen PLC
("Ideagen," "the Company" or the "Group")
Pre-Close Trading Update
Ideagen PLC (AIM: IDEA), a leading supplier of Information
Management software to highly regulated industries, is pleased to
provide an update on trading for the year ended 30 April 2016 ahead
of the announcement of its full year results.
The Board is pleased to report that trading for the year was
robust and results to 30 April 2016 are expected to be in line with
market expectations. The Group delivered strong organic revenue
growth of 10 per cent., and a full year contribution from Gael
which was acquired in January 2015.
The Group expects to report revenue of approximately GBP21.9
million (FY2015: GBP14.4 million), an increase of 52 per cent.
resulting in adjusted EBITDA* of approximately GBP6.3 million
(FY2015: GBP4.0 million), an increase of 57 per cent. This
represents the Group's seventh consecutive year of revenue and
EBITDA* growth. In addition, the Group expects to show a
significant increase in adjusted EPS** which continues to be an
important financial metric for the Group.
Cash generation remained strong, particularly in the second half
of the year, and net cash at 30 April 2016 was GBP6.3 million (31
October 2015: GBP5.4 million), after paying GBP1.7 million of
deferred consideration, principally for the Gael acquisition, and
GBP0.3 million in dividends. The Group continues to maintain a
debt-free balance sheet.
The strong trading results have been driven predominately by
healthy demand across the Group's Governance, Risk and Compliance
("GRC") markets, including the manufacturing, life sciences,
aviation and rail verticals. The Board is also encouraged by the
success of the Group's newly launched SaaS platform, Enlighten,
which is allowing the Group to win larger contracts and grow high
visibility, subscription-based revenue. As a result, the Board
remains confident in the long term growth prospects for the
Group.
David Hornsby, Chief Executive, commented: "The Group has once
again delivered another year of high quality earnings growth,
demonstrating the strength of our business model, the quality of
our products and the talent of our employees. The Group has
significant contracted work in progress, a growing recurring
revenue base and a healthy pipeline of new business, which leaves
me optimistic about the continued growth opportunities for the
Group."
*Earnings before interest, tax, depreciation, amortisation,
share based payments, acquisition costs and exceptional items.
**Adjusted diluted earnings per share
Enquiries:
Ideagen plc 01629 699100
David Hornsby, Chief Executive
Graeme Spenceley, Finance
Director
finnCap Limited 020 7220 0500
Stuart Andrews/James Thompson
(Nomad)
Stephen Norcross (Corporate
Broking)
Alma PR
Hilary Buchanan +44 (0)7515 805218
Josh Royston +44 (0)7780 901979
About Ideagen Group plc
Ideagen is a UK company quoted on the London Stock Exchange AIM
market (Ticker: IDEA.L). Ideagen is a supplier of Information
Management software with operations in the UK, the United States
and the Middle East. The Company specialises in eGRC (Enterprise
Governance, Risk and Compliance) and Healthcare solutions for
organisations operating within highly regulated industries. With an
excellent portfolio of software products, Ideagen is able to
provide complete content lifecycle solutions that enable
organisations to meet their Regulatory and Quality Compliance
standards, helping them to reduce costs and improve efficiency.
The Group has a customer base of over 2,200 organisations using
the Ideagen suite of products, including many blue chip names such
as BAE Systems, Emirates, Shell and the European Central Bank as
well as 150 hospitals in the UK and US.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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