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Sopheon on "right path" as interim profit rises amid new revenue model

Wed, 25th Aug 2021 10:27

(Alliance News) - Sopheon PLC on Wednesday posted a slight first-half profit hike, with the enterprise software provider's revenue visibility for the rest of 2021 topping last year's levels.

Sopheon shares were 11% higher at 975.00 pence each in London on Wedneaday morning.

In the six months to June 30, revenue rose 19% annually to USD16.5 million from USD13.9 million. Pretax profit rose 8.1% to USD518,000 from USD479,000.

Woking, Surrey-based Sopheon said that last year, it aimed to convert to a recurring revenue model, prioritising software-as-a-service deals.

"As expected, profit levels are rising more slowly through the SaaS transition period, reflecting the switch of revenue model and the rising investment in the business. Our key financial metrics and progress against strategic initiatives, coupled with our substantial cash reserves give us confidence that we are on the right path to deliver strong long term shareholder value," Executive Chair Andy Michuda said.

The company maintained its interim payout at 3.25p per share.

Revenue visibility for 2021 stands at USD31.2 million, up 22% from USD25.5 million at the same time a year earlier. Revenue visibility includes deals which are contracted and recurring pacts.

By Eric Cunha; ericcunha@alliancenews.com

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