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Sharecast News) - Robotic automation technology company Blue Prism reported a 35% improvement in bookings in its first half on Thursday, to £98m.
The AIM-traded firm said group revenue was 24% higher year-on-year for the six months ended 30 April, at £80.4m, with recurring licence revenue share standing at 98%, compared to 97% a year earlier.
Its adjusted EBITDA loss narrowed to £8m from £32.8m, while its operating loss shrank to £20.9m from £53.8m in the first half of 2020.
Blue Prism used £8.1m cash in operations in its first half, compared to £31.2m year-on-year, while net cash at period end fell to £126.5m from £140.8m.
17 June 2021
BLUE PRISM GROUP PLC
‘BLUE PRISM’ OR ‘THE GROUP’
INTERM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2021
JASON KINGDON, CHAIRMAN & CEO, COMMENTED:
"Bookings grew 35% in the first half, with constant currency revenues increasing by 24%. We continue to attain strong retention metrics and new bookings for our Blue Prism Cloud (BPC) SaaS platform grew 65% year on year and accounted for 22% of new bookings for the period. Whilst remaining disciplined on spending and re-confirming our aim to be cash break-even by the end of the full financial period, we have significantly invested in R&D, enabling a record number of product releases to enhance scale and usability of the core product. With over 2,000 customers, we want to remain at the forefront of developing next generation intelligent automation, so we are reviewing our go-to-market model and the product and service formats to ensure we meet the needs for strategic transformation demanded in the C-suite. Our global customer base remains robust."
FINANCIAL HIGHLIGHTS
1H21
1H20 reported (restated)
% change (constant currency)
Group revenue
80.4
66.6
24%
Share of recurring licence revenues
98%
97%
-
Adjusted EBITDA loss*
(8.0)
(32.8)
76%
Operating loss
(20.9)
(53.8)
61%
Cash used in operations
(8.1)
(31.2)
n/a
Net cash**
126.5
140.8
n/a
* Adjusted EBITDA loss is EBITDA loss adjusted to exclude contingent share-based payments and exceptional expenses
**Cash in 1H20 includes cash on deposit classified as short-term investments.
See financial information below for details of the 1H20 restatement
HIGHLIGHTS
§ Bookings of £98m, growing 35% compared to 1H20 (39% at constant currency).
§ Continued to strengthen long-term relationships with enterprise customers, with significant in-built opportunities for continued scaling:
- 98% gross revenue retention; 115% net revenue retention.
- Top 50 customers spending an average of $1.5m per annum.
§ Increased investment in product and R&D:
- Release of Version 7 in May.
- Plan to double Product function headcount by calendar year end.
§ Technology & partner ecosystem continued to grow.
§ Certified as a "Great Place to Work".
§ The Group continues to plan to achieve exit run-rate underlying cash breakeven within the 2021 financial year and continues to expect financial performance to be in the ranges outlined at the May trading update.
I hope the next announcement will contain a statement that Blue Prism will also list on the New York stock exchange.
https://www.blueprism.com/news/blue-prism-builds-on-new-era-of-growth-1/
News alert - LSE:PRSM
Blue Prism Builds on New Era of Growth
13:55 : Wednesday 19 May 2021
News alert - LSE:PRSM
StarLink Becomes Blue Prism's First Value-added Distributor in the Middle East
13:55 : Wednesday 19 May 2021
News alert - LSE:PRSM
Blue Prism Launches Version 7 - the Next Generation of Intelligent Automation
13:59 : Tuesday 18 May 2021
Blue Prism Announces Comprehensive New Enterprise Contact Center Offering with Amazon Connect
13:59 : Tuesday 18 May 2021
We could see some upward movement now the NYSE is open - the US appreciates tech more than the UK does.
Never ever worked for PRSM and I live in Malta - you seem annoyed by good news.
I just post from the newswires with no malice.
LONDON and AUSTIN, Texas, May 17, 2021 /PRNewswire/ -- Blue Prism® (AIM: PRSM), a global leader in intelligent automation, took home the 2021 National Innovation Award for Remote Access to IT resources, after a display of world-class ingenuity and innovation.
With 329 entries submitted across six categories and 22 finalists making the cut, Blue Prism rose above its peers, including runner up UI Path, by demonstrating technology innovation enabling work from home capability, productivity and experience.
Judges noted how Blue Prism helped a customer adapt quickly to the challenges created by the pandemic by developing a new process that allowed its staff to securely access servers remotely using their own devices. Blue Prism's advanced digital workers, powered by cutting-edge artificial intelligence, ensured that the solution had staff up and running in only two weeks.
As a result of implementing Blue Prism's intelligent automation solution, the utility company profiled retained business continuity as well as customer engagement and satisfaction against the turbulent and uncertain backdrop of COVID-19. Most importantly, no staff were placed on furlough in the business area and were able to continue serving their customers when they needed them most.
News alert - LSE:PRSM
Blue Prism Wins 2021 UK National Innovation Award
07:47 : Monday 17 May 2021
Blue Prism Group plc
('Blue Prism' or 'the Company' or 'the Group')
FIRST HALF TRADING UPDATE AND CUSTOMER DAY
Ahead of the Customer Day to be held later today (AIM: PRSM) the Intelligent Automation software company provides a first half trading update.
During the six month period ended 30 April 2021 the first half bookings were £98m, (up 35% from last year), gross and net retention rates were 98% and 115% respectively, and there was a closing cash position of £126m.
Closing Annual Recurring Revenue ('ARR') was c.£168m on a comparable basis vs. FY20 ARR. Similarly, Remaining Performance Obligations ('backlog') totalled £322m at the end of the period on a comparable basis[1]. During the first half, Blue Prism Cloud represented 22% of new bookings, an increase of 65% on the prior period.
Based on the H1 ARR runrate and currently prevailing foreign exchange ('FX') rates the Group believes FY21 revenue is likely to be towards the lower end of the £170-180m guidance range. We estimate FX has negatively impacted our original guidance by ~£2m. The Group continues to expect an EBITDA loss for the year of c. £25m.
JASON KINGDON, CHAIRMAN & CEO, COMMENTED:
"We continue to refine Blue Prism offerings and define a new tier of intelligent enterprise automation technology. We have prioritized investment in product development. The release of 9 new products is to be followed by a major platform release, which will take us towards programmable infrastructure, with enhanced cloud offerings and enterprise strategic automation as our clear direction.
Our multi-tasking software robots that work directly from human readable process description documents greatly increase the scale, productivity and capacity of our digital robots to carry out end-to-end complex process automations. Our approach moves us away from the current RPA definition towards a greatly enhanced model for robot productivity, along with strategic business outputs and support for strategic digitisations and automation capabilities. We see this deeper theme as central to Blue Prism's refined mission with enterprise models for desktop in scope too.
Evidence from customers, is that the direction is very welcome and very differentiated.
We are still maturing the core business and remain disciplined on spend. We are reviewing our go-to-market model and the product and service formats we offer to better align with the transformation agenda within our clients for digitisation and automation. Whilst acknowledging that Blue Prism development continues, the opportunities and commitments from our global customer base remain robust.
To experience this first-hand I invite you to join us for our Customer Day to meet some of our customers, to meet our new growing leadership team and to hear our technology partners and service partners discuss their views on this increasingly strategic market.
FINANCIAL CALENDAR
Blue Prism Investors: Customer Day
Blue Prism Announces launch of Blue Prism Ventures, and first Joint Venture in South Korea with GTPlus Ltd
Blue Prism seeks to drive business value and accelerate growth through new Blue Prism Ventures Unit
Blue Prism
Apr 20, 2021, 03:45 ET
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LONDON and AUSTIN, Texas, April 20, 2021 /PRNewswire/ -- Blue Prism® is the first intelligent automation company to launch a flexible, consumption-based 'burst' pricing model for its Blue Prism Cloud managed SaaS RPA platform.
The alternative pricing option is designed to help new and existing Blue Prism Cloud customers respond adeptly to unexpected or anticipated spikes in demand for intelligent automation that fall outside of their existing digital worker license agreements. This flexible pricing model highlights Blue Prism's commitment to make intelligent automation more accessible; offering enterprises differentiated options and choices when building out strategies and managing their robots.
Linda Dotts, chief partner strategy officer at Blue Prism, says: "Having the flexibility and agility to respond quickly to demand is a key business driver and we are committed to ensuring that our Blue Prism Cloud customers have all the options necessary to create automation strategies that fit their objectives. Now teams can easily add digital workers outside of traditional service agreements and get extra automation help when they need to satisfy seasonal or unexpected business demands."
Instead of purchasing additional licenses, customers pay for temporary digital workers when they are needed. Organizations can act quickly to meet demand, giving them a competitive edge and peace of mind brought by being able to rely on a 'reserve' of digital capacity for busy periods.
Dotts adds: "This game-changing consumption-based pricing model is the first of its kind, and positions Blue Prism as the market leader in cloud-based intelligent automation solutions. Working alongside both our customers and partners, we're excited about what we can achieve with this brand-new model."
One Blue Prism customer already benefitting from this is HealthDrive. HealthDrive administers an extensive network of medical and dental providers serving the needs of residents in more than 2,500 long-term care facilities across the U.S. The inherent flexibility of a consumption-based pricing model gives HealthDrive the extra automation support they need during hectic open enrollment seasons.
"Open enrollment causes significant spikes in volume of coverage checks that need to be completed in a short timeframe. Blue Prism gives us the flexibility to address staffing strategies and the ability to plan and budget for spikes in core workflow volumes without over-committing to digital worker resources the rest of the year," says Gean Carlo, HealthDrive's chief financial officer.
RPA provider Blue Prism has added conversational AI company Humley as a technology partner. Blue Prism’s Technology Alliance Program enables its customers to integrate various related technologies into its RPA automations.
U.K.-based Humley’s product uses machine learning and natural language processing enabling companies to deploy chatbots and assistants for use in customer service, employee onboarding and other applications. In concert with RPA, the companies said the partnership with make end-to-end automation easier to achieve.
“Humley’s partnership with Blue Prism supercharges the capabilities of intelligent automation through enabling organizations to connect back and front office processes,” said Adam Harrold, CEO of Humley. “Utilizing natural conversations with employees and customers to not just provide support and information, but also actionability through triggering RPA processes. The combination of the two technologies means that organizations can deliver even greater efficiencies and ensure project success by enabling users to interact with RPA in a language they understand. This increases user adoption throughout an organization and enables automation and RPA projects to scale more effectively across a business and its processes.”
No I saw the recent dip as a buying opportunity and added more Blue Prism.
Large fluctuations in the sp are common with Blue Prism.