Activeops Regulatory News (AOM)

20 October 2021

ActiveOps Plc

("ActiveOps", the "Company, "the Group")

Trading Update and Notice of Results

Strong win and upsell performance drives revenue growth

ActiveOps plc (AIM: AOM), a leading provider of Management Process Automation (MPA) software for running complex and global back-offices, is pleased to provide an update on trading for the six months ended 30 September 2021.

The Group has delivered a strong performance in the first half of the year, evidencing the continued success of its Land and Expand growth strategy. The Group expects to report revenue growth of approximately 22% (H1 FY21: £9.4m), in line with Board expectations, and a stronger than expected profit performance, of approximately breakeven at the adjusted EBITDA level, reflecting reduced travel costs as a result of the pandemic and the timing of the increased investment in staffing. The Group has exited the period with an Annual Recurring Revenue of £19.8m (FY21: £18.3m, Sept 20, £17.1m).

ActiveOps secured new logo wins or contract expansions across all target regions and sectors, including the first enterprise level up-sale of WorkiQ into an existing ControliQ customer and the signing of three-year contract renewals by two major Australian banking clients. Customer retention was in line with historic rates as demand for workforce management solutions continues to increase in response to the ubiquitous move towards hybrid working.

The Group has continued to make good progress in delivering its strategic goals. Further investment into ActiveOps' product has seen the launch of Collector, a component available to both WorkiQ and ControliQ which uses task mining technology to automate the counting and aggregation of completed work, providing an accurate picture of productivity whilst reducing the time spent on data collection. Significant investment has been made in the Group's capacity and capability, with over 20 new hires across the Group's Technology, Product and Sales teams in this period, enabling ActiveOps to continue to support its growing, global customer base.

Notice of Results

ActiveOps will announce its results for the six months ended 30 September 2021 on 25 November 2021.

Richard Jeffery, Chief Executive of ActiveOps, commented, "The six months to 30 September 2021 has been a period of positive achievement for ActiveOps, as workforce management solutions move further into the mainstream. We have secured new customers and expanded existing customer engagements, while investing in our team and our offering to ensure we have the products and structure to execute on our growth plans. I look forward to the full year with confidence as our market-leading offering continues to resonate with our growing global blue-chip customer base."

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About ActiveOps

ActiveOps is a leader in Management Process Automation (MPA), providing a SaaS platform to large enterprises with complex and often global back-offices. The Group's software and embedded back-office operations management methodology enables enterprises to adopt a data-driven, scientific approach to organising work and managing capacity.

The Group's enterprise platform comprises Workware+, its MPA software platform, and AOM, the Group's operations methodology and framework for effective back-office management. Together, this combination of software and embedded methodology enables operations managers to balance the competing priorities of meeting service and quality standards while improving productivity and reducing cost.

The Group has over 200 employees, serving its global customer base of approximately 80 enterprise customers from offices in the UK, Ireland, USA, Australia, India, and South Africa. The Group's customers are predominantly in the banking, insurance and business process outsourcing (BPO) sectors, including Nationwide, TD Bank, Anthem Inc and DXC Technology.