LONDON, July 17, 2018
- Adjusted PBT up 40%
- Adjusted EBITDA up 40%
- Revenue up 33%
UK-based leading global software business, Ideagen PLC (AIM: IDEA), has delivered its ninth consecutive year of positive results, following a 12-month period of organic growth and acquisitions.
Total revenue was £36.1m, up 33% on the 2017 figure of £27.1m, with organic growth accounting for 11% of that increase. Adjusted EBITDA was £11m, a 40% increase on the 2017 figure of £7.9m and adjusted profit before tax was also up 40% at £9.7m v £6.9m last financial year. Revenue from SaaS (cloud-based software services) rose by 76% to £8.4m from £4.8m in 2017.
Executive Chairman and former CEO, David Hornsby, said: “Our focus this year was to increase organic growth and effectively integrate our recent acquisitions into the business. I am delighted that we have achieved these objectives and successfully delivered another set of excellent results.”
Ben Dorks, who was promoted from Chief Customer Officer to CEO in May, said: “One of the key highlights was the acquisition of US firm, Medforce in April, 2018. Medforce is a profitable, growing and cash-generative healthcare software company, known for developing the ‘Centre’ suite of enterprise management, workflow and compliance software, which is used by more than 300 US-based healthcare providers.
“This acquisition broadens our relationships in an already strong sector for us, enhances our geographical reach and provides an additional source of recurring revenue.
“Ideagen remains committed to an ongoing buy and build strategy and we expect to complete further acquisitions this financial year.”
Ideagen develops software that allows businesses in regulated sectors, such as aviation, aerospace & defence, banking, manufacturing and pharmaceuticals to meet their safety, compliance, audit and risk requirements. Household names, including British Airways, Heineken and European Central Bank trust Ideagen to provide these crucial software solutions for them.
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SOURCE Ideagen PLC