Ideagen Confirms Decade of Successive Growth in Strong End of Year Results

  • 29% increase in revenues
  • EBITDA rises 30%
  • Software as a Service (SaaS) revenues up 63%
  • Strong international growth thanks to new global clients and operational expansion in the US and SE Asia
  • Solid performances from acquisitions

Ideagen, the UK-based, global software firm, today (Wednesday, July 17th) confirmed it had achieved a decade of successive growth following the publication of its unaudited end of year results for the year ended 30th April 2019.

The Nottingham-based software firm – which has more than 4,700 clients globally and employs over 500 people – reported that revenue and EBITDA had risen once more, by 29% to £46.7 million and 30% to £14.3 million respectively.

Ideagen also recorded strong software as a service (SaaS) revenue numbers – up by 63% to £13.7 million – as the company continues its strategic transition to a SaaS-based business model.

Recurring revenue represented 67% of the company’s total revenue, while its annual recurring revenue (ARR) book rose 44% to £36.4 million.

Ben Dorks, Ideagen’s Chief Executive Officer, said the Group’s focus had been on the execution and delivery of its growth strategy, both organically and through acquisitions.

He said: “We are pleased to report that we have achieved our objectives this year, significantly increasing the Group's global footprint, particularly in the US, and delivering another year of strong revenue and profit growth, underpinned by excellent cash generation.

“Excellent strategic progress has been made, in particular with the three acquisitions completed during the year. This has strengthened our product range and keeps us well-placed to support our customers and capitalise on the significant market opportunities ahead.”

He added: “I am encouraged by the success in our priority international markets which continue to form a significant expansion opportunity.”

There were also a number of operational highlights within Ideagen’s report, particularly around the performance of its acquired companies.

InspectionXpert – acquired in September, 2018 – had added 900 US manufacturing customers, strong intellectual property, growing SaaS recurring revenues and a platform for growth in North America.

Scannell Solutions, the Irish-based SaaS company, had provided Ideagen with the opportunity to accelerate its offerings for the Environmental Health, Safety and Quality (EHSQ) monitoring and auditing market.

Meanwhile, Ideagen’s acquisition of Morgan Kai Ltd – it’s largest to date at £20.5million – had brought with it 400 internal audit customers, doubling Ideagen’s internal audit business.

David Hornsby, Ideagen’s Executive Chairman, added: “The Group met or exceeded all key financial and operational objectives for the year including targets for revenue, profitability, organic growth, cash generation and customer retention.

“These results are underpinned by Ideagen’s world class customer base, strong global reach, outstanding product set and proven and effective management team. These are the first set of results that we have announced following the appointment of Ben Dorks as Chief Executive in May 2018 and the board are delighted with the progress made under Ben’s leadership.”

Mr Dorks – touching on the firm’s continued acquisition strategy and most recent purchase in the form of Redland Business Solutions – added: “Trading since the year end has remained robust and we continue to see strong demand for our products from new potential customers.

“The acquisition of Redland post the period end has further enhanced the Group’s portfolio of products and growing recurring revenues. Furthermore, the repeat business derived from more than 4,000 customers, provides the Board with confidence in the prospects for the Group for the current year and beyond.”

Today’s results come just months after Ideagen announced its global expansion plans with the launch of four Centre of Excellence sites – including new offices in Raleigh, North Carolina, and Kuala Lumpur, Malaysia. Its other two sites include its operational HQ in Nottingham, England, and its office in Glasgow, Scotland.

www.ideagen.com

Joe O'Brien

PR & Media Relations

Ideagen

+44 (0) 1629 699100

+44 (0) 7916 131501

joseph.obrien@ideagen.com

NOTES TO EDITORS

Ideagen is headquartered in Nottingham, England, UK, which is a Centre of Excellence site.

The company has three other Centre of Excellence sites globally including;

  • Glasgow, Scotland, UK
  • Raleigh, North Carolina, US
  • Kuala Lumpur, Malaysia, SE Asia

The company also has global, strategic operational premises including;

  • Kansas, USA,
  • Dubai, UAE,
  • Sofia, Bulgaria,
  • Taunton, UK,
  • Leeds, UK,
  • Chesterfield, UK,
  • Bromsgrove, UK,
  • Cork, Ireland.

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About Us

Ideagen is a UK-headquartered, global technology company quoted on the London Stock Exchange AIM market (Ticker: IDEA.L). The Group provides software and services to organisations operating within highly regulated industries such as aviation, banking and finance and life science, healthcare and manufacturing with its main operational premises spread throughout the UK, EU, US, Middle East and SE Asia. With an excellent portfolio of software products including Q-Pulse, Coruson, Pentana Audit, Pentana Risk and PleaseReview, Ideagen helps its clients reduce costs, improve operational efficiency, strengthen compliance and oversight and anticipate and manage every detail of risk. Currently, more than 5,000 organisations use Ideagen's products including seven of the top 10 UK accounting firms, all of the top aerospace and defence companies and 75% of the world's leading pharmaceutical firms. Ideagen's diverse and varied customer base includes many well-known, global brands such as British Airways, Aggreko, BAE, Ryanair, US Navy, KLM, BBVA, Bank of New York, Commerzbank, Meggitt, Heineken, Johnson Matthey, Haeco Group and European Central Bank. As well as this, Ideagen counts 180 hospitals across the UK and US amongst its client base. Ideagen directly employs more than 420 members of staff and touches every continent globally. What sets Ideagen apart? Ownership - UK AIM public listed company - Ideagen PLC - IDEAAccreditations - ISO 9001:2015; 14001 & 27001 certifiedEmployees - Over 420 employees and a global Partner NetworkCustomers - 5,000 companies using the Ideagen suite of products globallySupport - Based in the UK, US and Asia, we provide 24/7 support1993 - Year of formation

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Quotes

We are pleased to report that we have achieved our objectives this year, significantly increasing the Group's global footprint, particularly in the US, and delivering another year of strong revenue and profit growth, underpinned by excellent cash generation
Ben Dorks, Chief Executive Officer
I am encouraged by the success in our priority international markets which continue to form a significant expansion opportunity.
Ben Dorks, Chief Executive Officer
These results are underpinned by Ideagen’s world class customer base, strong global reach, outstanding product set and proven and effective management team. These are the first set of results that we have announced following the appointment of Ben Dorks as Chief Executive in May 2018 and the board are delighted with the progress made under Ben’s leadership.
David Hornsby, Executive Chairman