(Alliance News) - Blue Prism Group PLC on Friday said it expects to deliver good growth in financial 2020, as it announced cost-cutting measures amid uncertainty caused by the Covid-19 outbreak.
For the year to the end of October, the enterprise software company reported a pretax loss of GBP80.7 million on revenue of GBP101.0 million.
Blue Prism said it is "encouraged" by its sales pipeline, historic retention rates, and the strength of its licence-based recurring revenue model.
It added that it has implemented measures such as a hiring freeze in all but exceptional circumstances and reducing discretionary spending, adding that it will cut costs further if necessary.
As at Friday, the company had cash of GBP42 million and a "significant" deferred billing balance.
"Blue Prism operates with a high degree of recurring revenue, in one of the fastest growing business software sectors. Business disruption provides strong arguments for the strategic use of a Digital Workforce that can be deployed, accessed and monitored remotely to automate tasks and full business processes, said Executive Chair Jason Kingdon.
"On balance, while we still anticipate that we will continue to be able to generate good levels of growth this year, the ongoing uncertainty makes it difficult to assess the rate of growth at this stage," he added.
The stock was trading 4.1% higher at 1,126.00 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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