Ideagen PLC Trading Update (4343O)
November 07 2016 - 2:00AM
UK Regulatory
TIDMIDEA
RNS Number : 4343O
Ideagen PLC
07 November 2016
7 November 2016
Ideagen plc
("Ideagen" or the "Company")
Trading Update
Ideagen PLC (AIM: IDEA), a leading supplier of Information
Management Software to highly regulated industries, today provides
an update on trading for the six months ended 31 October 2016.
The Board is pleased to report that trading has remained strong
in the first half of the financial year.
Revenue and adjusted EBITDA are expected to show a significant
increase over the same period last year through a combination of
organic growth and the acquisition of Covalent. The Group expects
to report organic revenue growth of approximately 16% together with
a small contribution from Covalent which was acquired in August
2016. The integration of Covalent is now complete and the Company
expects an increased level of contribution in the second half.
Consequently, the Company continues to trade in line with market
expectations for the full year to 30 April 2017.
Cash generation in the period was strong and the Company
maintains a robust balance sheet with no debt. The cash balance at
the period end was GBP4.8 million (30 April 2016: GBP6.3 million),
after the payment of GBP3.8 million for acquisitions and associated
costs.
David Hornsby, Chief Executive Officer of Ideagen, commented:
"This has been a good start to the financial year. Strong trading
has been driven by demand across all key vertical markets and
continued momentum with our cloud-based Enlighten solution. The
market opportunity remains large and long term, and consequently,
the Board is optimistic about the Group's continued growth
prospects."
Enquiries:
Ideagen plc Tel: 01629 699100
David Hornsby, Chief Executive
Graeme Spenceley, Finance
Director
finnCap (Nominated Adviser Tel: 020 7220 0500
and Broker)
Stuart Andrews / James Thompson
(Corporate Finance)
Stephen Norcross (Corporate
Broking)
Alma PR Tel: 020 8004 4218
Hilary Buchanan
Josh Royston
About Ideagen plc
Ideagen is a UK company quoted on the London Stock Exchange AIM
market (Ticker: IDEA.LN). 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.
For further information please visit www.ideagen.com
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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