Ideagen has posted strong results for the first half of 2019, with both revenue and EBITDA significantly ahead of the same period in the previous year, according to unaudited interim results for the six months to 31st October 2019.
Revenues increased by 30% to £27.3m at the Nottinghamshire firm, while recurring revenues represented 74% of total revenue (up from 67% in the same period in 2018) and SaaS (Software as a Service) bookings increased by 76% to £9.7m.
This resulted in the business being able to deliver Adjusted PBT of £6m (up 25% from 2018), and an Adjusted EBITDA up 38% on 2018 to £8m.
Ideagen highlighted that its success in 2019 was driven by both organic revenue growth and a number of acquisitions, including Redland Business Solutions Ltd (which was acquired in June 2019). The acquisition of Optima Diagnostics Ltd (acquired in October 2019) is expected to show a positive impact by the full year results.
CEO of Ideagen, Ben Dorks, said: “We are pleased to report that we have achieved our objectives this year, significantly increasing the Group’s global footprint, particularly in the US, and delivered another year of strong revenue and profit growth, underpinned by excellent cash generation.
“Trading since the year end has remained robust and we continue to see strong demand for our products from new potential customers. The acquisition of Redland has further enhanced the Group’s portfolio of products and growing recurring revenues. Furthermore, the repeat business derived from more than 4,000 customers, provides the Board with confidence in the prospects for the Group for the current year and beyond.”
Ideagen enjoyed strong momentum in global sales with 273 ‘new logo’ SaaS customer wins and 140 ‘new logo’ on premise customer wins, including major companies such as Oxford Saudia and ExecuJet.
Mr Dorks added: “The Group has a clear and proven strategy to grow the business organically while continuing to identify and acquire businesses that offer strong synergies in terms of product, customers and geographical reach. Our markets remain significant and Ideagen is well positioned to deliver on opportunities across our strategic verticals and geographies.”