Last checked at (Sharecast News) - Software-as-a-Service provider DotDigital expects to deliver a greater rate of revenue growth in the current trading year than initially expected.
DotDigital said its strong first-quarter performance had been driven by existing customer growth, new customer wins and a significant take-up of non-email channels and had now left the firm confident of achieving consensus earnings and cash for the year ending 30 June 2021.
The AIM-listed business also highlighted its solid contracted recurring revenues, giving the group visibility over future revenues and helping it end the quarter with a "strong" cash position of £27.7m.
Chief executive Milan Patel said: "Our investment over past periods is now resulting in stronger top-line growth, and the business continues to maintain profitability and cash generation in line with current expectations.
"Whilst a level of uncertainty is likely to persist for some time, our contracted, recurring revenue stream gives us a high level of confidence in delivering on our targets for the current financial year."
As of 0955 BST, DotDigital shares were up 6.01% at 153.18p.
27 Jan 2022 10:25
Canaccord Genuity lowers target price on DotDigital
(Sharecast News) - Analysts at Canaccord Genuity cut their target price on software firm DotDigital from 265.0p to 205.0p on Thursday but stated the group still appeared to be on track for profitable double-digit growth.
Read more