LONDON (Alliance News) - Business software firm Sopheon PLC on Thursday said it outperformed financially in 2018, with both revenue and earnings rising.
For 2018, revenue increased 19% to USD33.9 million on the prior year, while pretax profit was up 25% to USD6.4 million.
Sopheon achieved 18 new customer wins during the year, compared to 13 the year prior.
Sopheon noted recurring revenue is a "fundamental" part of the business, and it is looking at ways at increasing how much revenue is recurring in nature. At the end of 2018, recurring revenue was USD18 million, just under half of total revenue, up from USD12 million a year before.
Sopheon will pay a dividend of 3.25 pence per share for the year, up from 2.5p returned in 2017.
The AIM member said it was a "solid" year of both financial and strategic progress, with revenue and profit both beating market expectations.
Looking ahead, the company has visibility for revenue in 2019 of USD20.6 million, compared to USD19.3 million at the same time a year prior.
"With a large diversified blue-chip client base, a comprehensive software platform and deep sector expertise, we have a unique opportunity to advance our category leader status," said Chair Barry Mence.
"Strategically, now is the time to accelerate investment and solidify our leadership position...visibility already stands at USD20.6 million and our sales pipeline includes a number of large opportunities; furthermore, in parallel with organic investments, we will continue to assess corporate paths to accelerate our progress."
Shares were 6.3% lower on Thursday morning at a price of 1,075.00 pence each.