Nottinghamshire-based supplier and developer of software products, Ideagen Plc, has delivered its 11th consecutive year of revenue and EBITDA growth, despite a challenging global economic environment.
For the financial year ending April 30, 2020, Ideagen recorded revenue of £56.6m, which is an increase of 21% over 2019. Recurring revenues rose to £43.1m from £31.2m in 2019 and they now represent 76% of the total revenue of the business as opposed to 67% in 2019. Annual Recurring Revenue increased from £36.4m to £48.7m in 2020.
SaaS revenues increased by 61% to £22.1m and now represent the largest sector of revenue.
The company however posted a loss before tax of £134,000.
The results come after a year in which the firm made three significant acquisitions; Redland Business Solutions, Optima Diagnostics and Workrite.
Ben Dorks, CEO of Ideagen, said: “Our focus this year was on the execution and delivery of our growth strategy, both organically and through acquisitions. I am extremely proud of our performance in the last 12 months, which saw us reach the inflexion point in our transition to SaaS and deliver a strong financial performance.
“This was driven by our continued international expansion and innovative product offerings. Throughout the current period we remain well-positioned to support our customers now and in the longer term.
“We reacted quickly to the threat posed by the coronavirus pandemic and acted to reduce our cost base and secure a strong base from which to move forward.
“None of this would be possible without the incredible hardworking team at Ideagen. I want to pay tribute to the dedication of my colleagues and I am confident Ideagen is approaching the future from a position of strength.”