Business Telegraph

The Entrepreneurs

Ideagen set to celebrate a decade of successive growth

  • Written by Joe O'Brien



Ideagen announced that it expects to record its tenth successive year of growth following the publication of its unaudited interim results.

The UK-based, global software firm delivered a strong market update with half-year performance in line with expectations and a strong outlook for the second half of the year.

Revenues increased by 22% to £21m, while recurring revenues rose by 30% to £14m. Like-for-like bookings stood at £14.5m, an increase of 34%, while Software as a Service (SaaS) bookings showed an increase of 80% to £6.6m.

There were significant operational highlights in the year, including the acquisitions of Morgan Kai Group Ltd and InspectionXpert Ltd, doubling Ideagen’s audit and quality inspection business.

GlaxoSmithKline, Clydesdale Bank, McLaren and Mercedes were among the prominent new client wins in the period.

Ben Dorks, who took up his position as CEO in May last year, replacing David Hornsby who stepped into the Executive Chairman role, said: “We are delighted to report on another strong performance from the Group across all of our vertical markets and geographies during the first half of the year.

“The Group continues to generate significant international sales growth and momentum in our SaaS business, which is driven by customer demand. This will enable the acceleration of our transition to a subscription licence model whilst maintaining high margins and organic growth.”

Mr Dorks continued: “Current trading is in line with market expectations and the acquisitions made in H1 are performing well.

“The Integrated Risk Management (IRM) market continues to grow and our success in winning new business, together with our levels of recurring revenue and repeat business from our 4,000 strong customer base, provides the Board with confidence in the outlook for this year and beyond.”

Ideagen enjoyed strong momentum in global sales with 162 ‘new logo’ wins, 121 of which were outside of the UK. The company’s ongoing “customer success” focus cemented retention rates at 95% and helped secure multiple new contracts from its existing client base from organisations such as Triumph Group, Sanofi, Pfizer and Thales.

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.

“The acquisitions made in the period demonstrate the ongoing execution of our acquisition strategy with both InspectionXpert and Morgan Kai consolidating our position in core product markets while providing further footprint in the USA.

“Our markets remain significant and Ideagen is well positioned to deliver on opportunities across our strategic verticals and geographies.”

Ideagen develops software that allows businesses in regulated sectors, such as aviation, aerospace & defence, banking, manufacturing and pharmaceuticals, to meet their safety, compliance, audit and risk requirements. Household names, including the International Airlines Group, owners of British Airways and Iberia among others, Heineken and European Central Bank trust Ideagen to provide them with crucial software solutions.

Read the interim results report in its entirety here.

www.ideagen.com

Entrepreneurs & Leaders

After Black Friday, It’s All About CBD Cyber Monday

We all know the many purposes of CBD or cannabidiol. It has been able to catch the attention of many people ever since...

Continuing Medical Education - Importance

Doctors are the link between us and our health. They are an important component in the continued well-being of our...

What You Need to Know About Front End Loader and Training to Be an Operator

A Front end loader is also referred to as a loader or a bucket loader. This is a piece of heavy equipment that’s n...

Enhance the Security of Your Valuables with Lockers

Workplace or office theft is one of the things that nearly everyone is highly concerned about nowadays. It’s impor...

3 decor ingredients for the perfect guest bedroom

It is a room that is often left until the very end. At the same time, believe it or not, guest bedrooms are someth...

Major Ways in Which Technology is Changing the Oil and Gas Industry

Digitalization and technological innovation are transforming virtually every industry that they come in contact wi...

10 common signs you might be having money problems

Life can seem like it’s under control but for many people, managing finances is an ongoing issue that can affect eve...

Home Interior Painting: Is it a Good Idea to Paint during Winter?

Want to re-design your home with new paint? Discover how to revamp your interior house painting this winter and with...

7 Simple Ways to Childproof Your Home

Unfortunately, your own home can turn into a safety hazard for a small child if you don’t take it upon yourself to...

Sydney Pest Control Quick Traps Against Vermin Invasion – Effective, Fast, and Easy!

How can you be vigilant when it comes to rodent infestation? There might be one trying to sneak into your home rig...

Ozzy tyres 4x4 wheels review

The performance of a 4x4 vehicle depends to some extent on the wheels and tyres fitted on the vehicle. Hence the vehicle...

Genealogy Resources and How to Use Them Effectively

There are plenty of online and analog resources that can provide tutorials, further resources, and troubleshooting...

Redesigning Your Garden

Tired of looking through your kitchen window at the same drab garden? Are you feeling creative and have the desire t...

Five ways to help your child get a good night's sleep

It is a challenging factor for each parent to get the children on time to bed every night. Parents are dealing with ...

A Help Guide on Tow Truck Insurance

Do you have tow truck insurance requirements? If yes, then you have come to the right place. Reading this guide wi...

Businesses Must Not Ignore Men’s Mental Health

As COVID-19 takes its toll on the mental health of employees, workplaces must look to provide support Businesses ...

Things To Know About Electric Scooters

Ultimate electric scooters have been accepted as one of the most preferred modes of transportation. With the new t...

How To Choose Leather Watch Brands

Every accessory has its value and beauty to add on to the user using it. A watch, the most common accessory, is no...

Aerated Treatment Systems: The Best Alternative for Septic Systems

In rural areas with houses that are spaced widely apart, residents use onsite water treatment systems like aerated...

Would you be able to bring down business transfer expenses?

While you can agree to an online-based business account like TransferWise or PayPal or go with the great standard ...

Top 10 Office Desk Accessories You Must Buy

The design or set up of your office is one of the important factors affecting your productivity. Available space, ligh...

10 Female Inventors You Should Know About

We are all aware of the great and historic male innovators such as Alexander Graham Bell and Benjamin Franklin. Ho...

Startups to ‘explode' post COVID-19

Frenetic start up activity is imminent as business begins to adapt to a post COVID-19 economy, according to the ho...

New Tech Career Programs Opened Up For Thousands of Job Seekers

Randstad partners with veteran business WithYouWithMe to help Australians gain new tech skills Global leader in H...



News Company Media Core

Content & Technology Connecting Global Audiences

More Information - Less Opinion