Saturday, May 21, 2022

Acquisitive Ideagen sees revenue and profit rise in first half

Revenue and profit are up at Ideagen, the Nottinghamshire-based supplier of Information Management Software to highly regulated industries, according to unaudited interim results for the six months ended 31 October 2021.

Revenue increased 33% to £38.8m from £29.2m in the same period of the year prior.

Meanwhile pre-tax profit jumped from £1.2m to £5.2m.

Ideagen completed six acquisitions for a combined consideration of £102m, three during the period and three completing post-period end. In aggregate, the acquisitions have added £18.4m of Annual Recurring Revenue.

Ben Dorks, Chief Executive of Ideagen, said: “I am very pleased with Ideagen’s performance in the first half as we continue to see strong demand for our products from existing and new potential customers. This is testament to our people and reflects our simple purpose: making complying with regulation easy, quick and cost effective.

“At our recent Capital Markets Day we set out our plan to capture more of this market opportunity and reach £200m of Annual Recurring Revenues by April 2025 through a combination of organic growth and acquisitions. We have a healthy pipeline of acquisitions to add adjacent capabilities and broaden our geographic reach, supported by our recent fundraising.

“We have a strong record of identifying and integrating acquisitions that fit with our strategy, having completed eight acquisitions since December 2020, and are working hard on a number of near and medium term targets. The second half of the year has begun in line with our expectations, and we remain confident in delivering on our targets for the full year.”

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