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.