7 Nov 2016 07:00
7 November 2016
Ideagen plc
("Ideagen" or the "Company")
Trading Update
Ideagen PLC (AIM: IDEA), a leading supplier of Information Management Software to highly regulated industries, today provides an update on trading for the six months ended 31 October 2016.
The Board is pleased to report that trading has remained strong in the first half of the financial year.
Revenue and adjusted EBITDA are expected to show a significant increase over the same period last year through a combination of organic growth and the acquisition of Covalent. The Group expects to report organic revenue growth of approximately 16% together with a small contribution from Covalent which was acquired in August 2016. The integration of Covalent is now complete and the Company expects an increased level of contribution in the second half. Consequently, the Company continues to trade in line with market expectations for the full year to 30 April 2017.
Cash generation in the period was strong and the Company maintains a robust balance sheet with no debt. The cash balance at the period end was £4.8 million (30 April 2016: £6.3 million), after the payment of £3.8 million for acquisitions and associated costs.
David Hornsby, Chief Executive Officer of Ideagen, commented: "This has been a good start to the financial year. Strong trading has been driven by demand across all key vertical markets and continued momentum with our cloud-based Enlighten solution. The market opportunity remains large and long term, and consequently, the Board is optimistic about the Group's continued growth prospects."
Enquiries: | ||
Ideagen plc | Tel: 01629 699100 | |
David Hornsby, Chief Executive | ||
Graeme Spenceley, Finance Director | ||
finnCap (Nominated Adviser and Broker) | Tel: 020 7220 0500 | |
Stuart Andrews / James Thompson (Corporate Finance) | ||
Stephen Norcross (Corporate Broking) | ||
Alma PR | Tel: 020 8004 4218 | |
Hilary Buchanan | ||
Josh Royston |
About Ideagen plc
Ideagen is a UK company quoted on the London Stock Exchange AIM market (Ticker: IDEA.LN). Ideagen is a supplier of Information Management software with operations in the UK, the United States and the Middle East. The Company specialises in eGRC (Enterprise Governance, Risk and Compliance) and Healthcare solutions for organisations operating within highly regulated industries. With an excellent portfolio of software products, Ideagen is able to provide complete content lifecycle solutions that enable organisations to meet their Regulatory and Quality Compliance standards, helping them to reduce costs and improve efficiency.
The Group has a customer base of over 2,200 organisations using the Ideagen suite of products, including many blue chip names such as BAE Systems, Emirates, Shell and the European Central Bank as well as 150 hospitals in the UK and US.
For further information please visit www.ideagen.com
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.