Software firm Ideagen release annual report and accounts
06 October 2016
Information management software vendor, Ideagen, has released its annual report and end of year accounts and confirmed a 7th consecutive year of revenue and EBITDA growth.
The company, which provides 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.
The financial highlights include a 52% rise in revenue to £21.9m (£14.4m the preceding year). Underlying organic growth increased to 10% (5.3% in 2015), while recurring revenues at year end stood at £11.5m covering 88% of overall operating costs.
Operational high points included strong growth in SaaS revenues, which was driven by investment in Ideagen Coruson, the cloud-based Governance, Risk and Compliance (GRC) platform.
There were several landmark new business wins during the year including a deal with RSSB, the UK’s Railway Safety and Standards Board, worth £4.9m 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 cloud offering, 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 with existing customers including PwC, Haeco, Babcock, Bristow Helicopters, BTG and Dartford and Gravesham NHS Trust.
Ideagen’s Chief Executive Officer, David Hornsby, said: “Trading for the period was robust, resulting in a year of solid growth for the Group. Having expanded the business considerably with seven acquisitions completed in the previous four years, adding significant product capabilities and expertise, the year's focus was on driving forward our enlarged operations and executing the organic growth strategy.
“The international landscape for GRC management is evolving and we believe we are well positioned to capitalise on the emerging trends. We have the tools and expertise to help our customers develop and embed a holistic approach to risk management across their enterprise. This trend in turn is also driving interest in SaaS-delivered GRC systems which can easily deploy across multiple geographies and departments and scale to cope with vast, disparate workforces. While SaaS-based revenue currently represents a small proportion of our overall revenue, we see this as a significant growth area for the Group and key focus for continued product development.”
Mr Hornsby added: “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, said: “We are pleased to report on another solid performance for the year to 30th April 2016, representing our 7th consecutive year of revenue and EBITDA growth.
“We have successfully added new customers to the Group across all of our key Governance, Risk and Compliance verticals including manufacturing, life sciences, healthcare and financial services, while also maintaining a focus on product enhancement and innovation which has seen acceptance across the user base, resulting in significant revenues.
“The long term prospects for the Group are extremely positive and we believe we have established the right business platform to continue to participate in this growth.”
For access to Ideagen’s full end of year Results report, visit the company’s Investor News section.