Interim Results27 Jun 2017 08:09
Interim Results for the six months ended 30 April 2017
Blue Prism, a global leader in Robotic Process Automation ("RPA"), is pleased to announce its interim results for the six months to 30 April 2017. Today's results reflect a period in which strong progress has been made and sales momentum with existing and new customers has increased, driven by our global partner ecosystem.
Financial Highlights
· Recognised revenue increased 133% to £9.3m (H1 2016: £4.0m)
· Recurring revenue represented 91% of total revenue (H1 2016: 83%)
· Exit run-rate (recognised, recurring licence revenue) increased to £1.72m per month (H1 2016: £0.66m per month)
· Adjusted EBITDA loss of £2.7m (H1 2016: loss of £1.4m)*
· Cash and cash equivalents at 30 April 2017 were £10.6m (30 April 2016: £11.2m)
*EBITDA loss adjusted to exclude share-based payments.
Operational Highlights
· Sales momentum continued, with 209 deals secured during the period, constituting:
o 118 new customers (H1 2016: 33 new customers)
o 83 upsells secured across 53 customers (H1 2016: 28 upsells across 15 customers)
o Eight renewals, amounting to a 100% renewal rate (H1 2016: three renewals)
· Customer base now stands at 271 (H1 2016: 90)
· 100% of new customers secured through our partner ecosystem
· Investment in the US showing progress, with 32 new customers signed during the period in addition to 19 upsells and one renewal
o Total US customer base now stands at 58
· Additional geographies now opening, including Australia, Japan and India
· Global employee base increased to 127 (FY 2016: 86), of whom 46 are based in the US
· Launched new "Operating System for the Digital Workforce" proposition and Technology Alliance Programme, supported by the announcement of Blue Prism version 6.0
Alastair Bathgate, CEO, commented:
"We have made strong progress during the first half and are pleased to see the sales momentum within our business continue to build. Our indirect go to market strategy has been a key enabler of this progress, and we continue to invest in upskilling and engaging our global and international partners, so that together we can be increasingly effective in delivering transformational solutions.
The RPA market continues to expand rapidly and our strong sales pipeline gives us confidence for further growth in the second half of 2017. Our strong, differentiated and widely applicable product, highly motivated and talented team and global partner and customer relationships make for a strong foundation to build upon."