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(Alliance News) - Gresham Technologies PLC said Wednesday it saw a sharp rise in forward-looking annualised recurring revenue for its Clareti software.
The London-headquartered software and services company said Clareti's annualised recurring revenue ended December at GBP12.3 million, up 29% year-on-year.
"During the year the group completed its transition to subscription licensing, with all new Clareti software business being contracted on recurring terms. These high-quality revenues provide the group with significantly increased predictability and visibility for future performance," Gresham said.
Group revenue for 2020 is expected to drop 2% year-on-year to GBP24.6 million, with Clareti revenue expected flat at GBP15.5 million.
"The group's sales pipeline strengthened steadily during the second half of 2020 and the company continues to see positive demand for its intelligent automation and connectivity solutions in financial markets despite challenging macro-economic factors," Gresham said.
Chief Executive Ian Manocha added: "By any measure 2020 was an extraordinary year. In challenging circumstances, the Gresham team performed admirably winning new key accounts, supporting our customers and partners, growing our forward-looking ARR by almost 30% and closing the year ahead of market expectations.
"In the second half of the year, we increased investment in sales and marketing, as well as completing our strategic investment into the regulatory and STP markets with our acquisition of Inforalgo. These excellent foundations have set us up well for another exciting year ahead."
Shares in Gresham Technologies were 1.0% lower in London on Wednesday at 146.56 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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