8 Oct 2018 07:00
Embargoed Release: 07:00hrs Monday 8 Oct 2018
SOPHEON PLC
("Sopheon" or the "Company")
Trading Update - Record Third Quarter
Sopheon plc, the international provider of software and services for complete Enterprise Innovation Management solutions, issues the following trading update.
In our interim results statement issued on 23 August 2018, we noted the continued momentum of the business, with revenue visibility1 for the year already at $27.2m. This, coupled with a high level of ongoing sales activity, gave the Board confidence in the outturn for the 2018 full year performance.
Since that statement, a number of further transactions have been signed resulting in a record third quarter performance, traditionally our quietest quarter due to the holiday period. Included in the wins were two material contracts booked during the final days of the quarter - one with a new enterprise customer, and the other a license extension linked to strong recent adoption performance at an existing customer. These two customers operate in the chemicals and electronics sectors respectively. We are therefore delighted to report that revenue visibility has now broken through $30m. We view this continued delivery of commercial results as emblematic of the growing maturity of the market that we serve, and of Sopheon's rising reputation for value underpinned by increasing adoption of our solutions.
Sales pipeline activity for the balance of the year remains robust. The Board now expects the results for the year to exceed current market expectations2.
For further information contact:
Barry Mence, ChairmanArif Karimjee, CFO | Sopheon plc | + 44 (0) 1276 919 560 |
Carl Holmes/Giles Rolls (corporate finance) Alice Lane (ECM) | finnCap | + 44 (0) 20 7220 0500 |
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
About Sopheon. Sopheon (LSE: SPE) partners with customers to provide complete Enterprise Innovation Management solutions including software, expertise, and best practices, that enable them to achieve exceptional long-term revenue growth and profitability. Sopheon's Accolade solution provides unique, fully-integrated coverage for the entire innovation management and new product development lifecycle, including strategic innovation planning, roadmapping, idea and concept development, process and project management, portfolio management and resource planning. Sopheon's solutions have been implemented by over 250 customers with over 60,000 users in over 50 countries. Sopheon is listed on AIM, operated by the London Stock Exchange. For more information, please visit www.sopheon.com.
1 Revenue visibility is defined on page 6 of Sopheon's 2017 annual report which is available from the investor section of www.sopheon.com.
2 Market expectations mean the current forecasts from analysts that cover Sopheon, being at this time finnCap and Progressive. Links to these organizations are available in the investor section of www.sopheon.com.