RE: SP Angel TP 500p7 Apr 2021 13:35
Positioning for the future:
· High revenue momentum in to 2021 from strong H2 2020 sequential revenue growth of 22% and record H2 monthly bookings of £10.3m (up 62% on H1). New digital sales portal performing well.
· Targeting continued lengthening of average contract term to strengthen contracted revenue, increased renewal rates and more products per customer.
· Significant improvement in net customer contribution expected as legacy contracts have now washed through.
· Efficiency initiatives underway to reduce overheads from 6.2% of revenue over medium term.
· Sound balance sheet (cash £11.7m) with scope to add further value creating acquisitions now scalable platform fully tested.
Outlook:
· Good start to 2021 and Board expects strong revenue performance, and adjusted EBITDA growth momentum providing confidence in exceeding current market expectations as the Group embarks on its rapid scale phase.
· Strong cash position and strengthened management team supports compelling organic and inorganic growth and value creation ambitions. Significant scope to leverage proven scalable digital platform and continue to increase market share.