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(Alliance News) - IQGeo Group PLC on Monday said demand for its own products increased in 2020, leading to higher revenue for the year and narrowed loss.
The company, which provides software for telecoms and utility network operators, said it expects revenue for 2020 to be not less than GBP9.0 million compared to GBP7.8 million reported a year earlier.
IQGeo said its own product revenue expected to grow by 30% to more than GBP7.0 million versus GBP5.5 million in 2019.
In addition, the company said gross margins have improved considerably, driven by the mix of revenue and are expected to exceed 50% compared to 42% a year ago. As a result of these improvements and a disciplined approach to costs whilst maintaining investment for future growth, IQGeo said it expects to report a significantly reduced adjusted loss before interest, tax, depreciation and amortization of GBP2.5 million compared to GBP4.8 million loss in 2019.
Going forward, the company said it sees continued strong market demand reflecting the fact that both telecoms and utilities markets have been less affected than other sectors during the Covid-19 epidemic.
"The results for the year are very positive and show considerable progress as we continue the journey of building a high recurring revenue software business," said Chief Executive Richard Petti.
AIM-listed IQGeo shares were trading 9.4% higher on Monday in London at 102.80 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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