Monday, November 23, 2020

Trading at Ideagen ahead of 2019 despite Coronavirus

Trading over the last six months is ahead of last year despite Coronavirus at Ideagen, the Nottinghamshire-based supplier of regulatory and compliance solutions.

A trading update reveals that despite operating in a difficult global environment because of the pandemic, Ideagen looks to have succeeded in increasing its ARR and adjusted EBITDA by 20% and 25% respectively.

The ARR book (which is the contracted revenue to be delivered over the coming 12 months) has increased by 13% during the first six months to approximately £54.8m (April 2020: £48.7m), arising from both strong organic growth of approximately 7% (14% on an annualised basis) and 6% of acquired ARR from the acquisition of Qualsys in August 2020.

Ideagen says ARR is what the Board considers to be the primary growth metric and driver for long term value for the Group.

Organic growth has come from increased business with existing customers and 270 new customer wins during the period, the company notes.

CEO of Ideagen Plc, Ben Dorks, said: “I am pleased to report another excellent start to Ideagen’s financial year. We continue to execute our strategy, delivering growth both organically and through acquisitions, and have invested in the Group without compromising our disciplined approach to costs. Our business model has remained resilient throughout the pandemic, with growth being driven from a number of industries.

“Cash generation has been strong which, coupled with further growth in new SaaS recurring revenues and an increase in repeat business from our growing customer base, provides a strong platform for the second half. Given the size and longevity of the Regulatory and Compliance market and the Group’s position as a leader in the space, the Board is optimistic about our continued growth prospects.”

Ideagen Plc has also made some changes to its Board structure. Following these changes, the Board comprises three Executive and four Non-Executive Directors.

Julian Clough joins the Board as a Non-Executive Director and Chairman of the Audit Committee. Julian joins Ideagen following a 40-year career in accountancy spanning audit, financial investigation and transaction services.

Most recently Julian served as a Partner at Mazars having previously served as a Partner at both BDO and RSM Tenon. Julian qualified as a Chartered Accountant in 1985 with Coopers and Lybrand (now PwC) and has advised on over 300 transaction including Ideagen’s IPO in 2013 and the MBO and subsequent IPO of Games Workshop Group PLC.

The other Board change is that Barnaby Kent is stepping down as a director of the Company. Barnaby will remain as Chief Operating Officer and a key member of the Senior Leadership Team. His primary focus will continue to be the development of Ideagen’s operating structure and people, together with ownership of the acquisition integration process.

Dorks added: “We are delighted to welcome Julian Clough to the Board. His appointment brings a seasoned financial expert to the Board and his blend of transaction and audit experience will be a significant asset to us.

“I would also like to take this opportunity to thank Barnaby Kent for his service as a director. I look forward to continuing to work closely with him and know we will all benefit from his ongoing contribution to the Group’s growth.”

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