Quality, safety, risk and compliance software vendor, Ideagen, has today posted its end of year results, announcing its 7th consecutive year of revenue and EBITDA growth.
The company, a leading provider of software and services to organisations operating in some of most regulated industries in the world, posted significant increases across the board – with revenue and recurring revenue rising alongside underlying organic growth.
Among the financial highlights included a 52% rise in revenue to £21.9 million, up from £14.4 million the previous year. Underlying organic growth increased by 10% from 5.3% in 2015, while recurring revenues at year end stood at £11.5 million, a figure which covered 88% of Ideagen’s overall operating costs.
Operational high points included strong growth in its SaaS business, which was driven by investment in Ideagen Coruson, the company’s cloud based Governance, Risk and Compliance (GRC) platform.
There was also landmark contract wins including the Railway Safety and Standards Board (RSSB) worth £4.9 million over 5 years and an additional 15 SaaS deals throughout the year including Providence Financial, WAMOS Air, HNZ Global and Air Greenland.
As well as positivity from its SaaS product, Ideagen also welcomed over 100 new on-premise customers including Amsterdam’s Schiphol Airport, DHL, Cobalt Air, Meggitt and South West Yorkshire NHS Trust, while there were significant contract extensions and expanded engagements within its existing customer base in organisations such as PwC, Haeco, Babcock, Bristow Helicopters, BTG and Dartford and Gravesham NHS Trust.
The company also posted high levels of customer retention, with a support and maintenance contract renewal rate of 96%.
Ideagen’s Chief Executive Officer, David Hornsby, said: “Ideagen has enjoyed another year of strong growth. Having expanded the business considerably with seven acquisitions completed in the previous four years, adding significant product capabilities and expertise to the Group, the year's focus was on driving forward our enlarged operations and executing the organic growth strategy.
“The market for GRC management solutions remains fragmented and the drivers are long term and highly strategic. Trading since the year end has remained robust. Whilst we remain alert to prevailing economic and political conditions we have a strong presence in a variety of different markets across the globe, which, together with the high levels of recurring revenues and repeat business derived from our 2,200 customer base, provides me with confidence in the future prospects for the Group.”
Ideagen’s Non-Executive Chairman, Jonathan Wearing, added: “We are pleased to report on another solid performance for the year to 30 April 2016, representing our 7th consecutive year of revenue and EBITDA growth.
“Following several successful acquisitions in prior years, Ideagen now has scale, a world class customer base, an outstanding product set and a proven and effective management team. This year’s focus has been on driving forward our expanded operations and executing the strategy through stronger organic growth.
“The long term prospects for the Group are extremely positive. Organisations require the tools we provide to help them identify, assess and manage corporate risk while complying with international industry standards, and many are only in the early stages of adopting an enterprise-wide approach.
“We believe we have established the right business platform to continue to participate in this growth, with a comprehensive set of integrated solutions and offices in the UK, US and Dubai from which we can service our global customer base.”
For access to Ideagen’s full end of year Results report, visit the company’s Investor Newssection.