Friday, May 29, 2020

Notts software firm makes “limited” redundancies and salary freezes

In response to COVID-19, Ideagen, the supplier of Integrated Risk Management software, has taken “pragmatic measures to ensure that its cost base is aligned with a cautious outlook in an uncertain economic and social environment.”

These measures include “limited” redundancies, salary freezes and operational efficiencies, which the firm says will reduce the forecast annual cost base by £4m to enable the Group to meet market expectations for adjusted EBITDA for the year to 30 April 2021.

The Nottinghamshire-based firm also noted, in a statement to the London Stock Exchange, that for the financial year to 30 April 2020, it expects to report revenues of approximately £56m, below previous expectations of £58.5m.

Ideagen has said that it intends to continue to pay a dividend and the interim dividend for the current financial year was paid as planned in March 2020.

Ben Dorks, CEO, commented: ”Whilst our performance in our fourth quarter has been affected by the current crisis our strategy and business model remain robust and I am proud of our execution at this difficult time. We have acted quickly and decisively to realign our 2020/2021 cost model to current trading patterns which we believe will provide the basis for a robust financial performance in our next financial year.

“We believe that the Group is now well placed to manage its business risk effectively, emerge from the current environment in good health able to take advantage of business opportunities once the pandemic has subsided. I would like to thank all of our employees, customers and investors for their support during this time as we look forward to the economic and public health environment normalising in the future.”

All staff have moved to home working, with all Ideagen’s offices across the globe closed until further notice.

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