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(Sharecast News) - Marketing automation and customer engagement software specialist DotDigital reported organic revenue growth of 8% in its final results on Wednesday, to £62.8m.
The AIM-traded firm said recurring revenue increased to 94% of revenue in the 12 months ended 30 June, from 93% in the 2021 financial year, while monthly average revenue per customer was ahead 17% at £1,461.
Adjusted EBITDA grew 10% year-on-year to £21.7m, while adjusted operating profit increased 6% to £14.5m and adjusted basic earnings per share improved to 4.27p from 3.82p.
DotDigital described its net cash balance at year-end on 30 June as "strong", totalling £43.9m, compared to the £32m it recorded at the end of the 2021 financial period.
The board proposed a final dividend of 0.98p per share, up from the 0.86p it made a year ago and in line with its progressive dividend policy.
"We are pleased to report a strong year of growth and profitability for DotDigital and significant operational enhancements, comparing well against a strong prior year that was boosted by one-off pandemic related SMS revenue," said chief executive officer Milan Patel.
"The advancements we have made to our technology platform over the year positions us at the heart of marketeers' evolving needs, providing the tools they require to drive broader, more targeted customer engagement.
"At the same time, we believe we now have in place the right teams and infrastructure to support our next stage of growth."
Patel said that, backed by high recurring revenues and strong cash generation, the company would continue its "focussed investment" to grow brand awareness through its partner networks, build its platform offering in line with its "technology vision", and bolster its internal talent to ensure it could scale across territories.
"The positive trading momentum at the end of the period has continued into the new financial year.
"With the challenges from the first half of the year addressed together with favourable market drivers, the group is tracking in line with expectations for revenue growth and profitability marginally ahead.
"Whilst we are monitoring the impact of the wider economic climate across our markets, our technology's proven return on investment provides a compelling value proposition to customers as they look to connect with their target audiences."
That, together with a "clear growth strategy" and strong balance sheet, gave the board and management confidence going forward, Milan Patel added.
At 1003 GMT, shares in DotDigital Group were up 3.07% at 85.14p.
Reporting by Josh White for Sharecast.com.
