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(Sharecast News) - Software and services company Gresham Technologies updated the market on its trading for the year ended 31 December on Monday, reporting that it expected group revenues for the year to rise 30% to £25m.
The London-listed firm said total revenues from its 'Clareti' operation were forecast to be up 30% to £15.3m, with Clareti software revenues set to improve 39% to £11m.
It said other non-Clareti revenues also performed strongly, and were tipped to grow 29% to £9.7m.
Gresham said it expected group adjusted EBITDA to be ahead 344% at £4m, and added that it closed the year with cash at £9.6m, and remained debt-free.
As it noted in its update on 23 December, Gresham saw "strong trading" in the second half, with six new Clareti licences sold, including a strategic contract win in the United States for one of "the world's largest" alternative investment management firms to replace its legacy vendor transaction lifecycle management solution with Clareti Transaction Control.
Additionally, during December, contractual terms were finalised with an unnamed tier 1 global bank for an enterprise scale deployment of Clareti Transaction Control.
That contract was likely to be executed in early 2020, the board said, and was expected to underpin the existing plans and expectations for Clareti software revenues in the financial year.
The group said it remained confident in the opportunity for its Clareti technology across all target markets of data integrity and control, regulatory data quality, and banking integration and cash management.
"The group made significant progress in 2019 with three major legacy reconciliation vendor replacement agreements and multiple new Clareti client wins across our target markets," said chief executive officer Ian Manocha.
"It is pleasing to see a much stronger underlying recurring revenue base and good momentum in the business as we head into the forthcoming year.
"We will continue to invest in technology innovation and in building routes to market and we are confident in our plan to secure market leadership in the provision of data integrity solutions to the global financial services community."
Gresham said it expected its audited results for the 2019 financial year to be announced on 10 March.
At 0935 GMT, shares in Gresham Technologies were up 3.67% at 127p.
19 Jun 2014 13:55