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Ideagen sees sales momentum continue into Third Quarter

28 January 2016

Ideagen, a provider of information management software to organisations operating in highly regulated industries, has announced its unaudited interim results for the six months ending 31 October 2015.

The company, which counts BAE Systems, Emirates, Shell and the European Central Bank as well as 150 hospitals in the UK and US among its customers, revealed that first-half revenue increased by 75% to £9.9 million from £5.7 million. These figures were boosted by the integration of Gael, Ideagen’s most recent acquisition in December 2014, and EIBS in June that year.

While operating costs rose to £6.3 million from £3.2 million, profit from operating activities before depreciation, amortisation, share-based payment charges and exceptional items increased to £2.4 million from £1.5 million.

David Hornsby, CEO of Ideagen, said: “We are pleased with the strong first half performance, characterised by further profitable growth as a result of new customer wins and expanding our footprint within our existing base of over 2,200 customers.

“We have been delighted by the early customer interest and industry recognition for our recently launched cloud-based product, Coruson, which we see as a significant opportunity for the Group.

“Trading remains robust across all GRC product areas and we have continued our sales momentum through the third quarter. Therefore, given the performance of the Group in the year to date, the growing contracted recurring revenue base, and healthy pipeline of new sales opportunities, the Board is confident in the outlook for the year as a whole.”

New wins for Ideagen over this period include Schiphol Airport, HNZ Global, Fokker, Edmundson Electrical and Kyocera while significant orders from existing customer base include PwC, BBVA, Meggitt and BTG.

You can read the interim results report in full here.
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