(Alliance News) - Sopheon PLC on Tuesday reported a double-digit decline in annual revenue but said it has a strong order book for 2020.
The enterprise software provider said it now expects to report revenue for 2019 of USD30 million, 12% lower than USD34 million achieved a year earlier.
Sopheon said it expects annual pretax profit and earnings before interest, tax, depreciation and amortisation to be in line with market forecasts.
The company's opening order book stood at USD3 million in services for 2020, it said. In addition, the company said its annual recurring revenue base was USD15.9 million as at the end of 2019 compared to USD14.8 million a year ago.
Sopheon said its growing sales pipeline was helped by its strategic direction to increase the proportion of recurring revenue.
The stock was trading 12% higher in London on Tuesday at 783.10 pence a share.
Sopheon said it will announce its 2019 results on March 19.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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