LONDON (Alliance News) - Blue Prism Group PLC on Tuesday said it expects to report a rise in revenue in its recently ended financial year, but its loss widened due investments in the business.
The robotic process automation software manufacturer said the total number of deals secured in the year to the end of October rose to 1,359 from 609 a year ago. The total customer base at the end of financial 2018 closed at 992, doubling from 477 previously.
As a result, Blue Prism said it expects to report revenue ahead of market expectations. However, loss before interest, tax, depreciation and amortization is expected to worsen year-on-year due to continued investments by company' in its growth strategy, including increased sales commissions.
Looking forward, Blue Prism said the sales momentum has continued into financial 2019, and it now expects revenue for the year to be "comfortably" ahead of expectations.
Blue Prism will report its annual financial results on January 24.
"I am very pleased with the progress we have made in 2018 and the results we are set to deliver," said Chief Executive Alastair Bathgate.
"It is a reassuring sign that our strategy to invest in growth during this phase of Blue Prism's evolution is the right one, in order to create long term value for our shareholders," added Bathgate.
Blue Prism shares were trading down 13% on Tuesday at 1,414.94 pence each.
