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Ideagen in line with market forecasts

By BFN News | 07:39 AM | Wednesday 17 May, 2017


Ideagen said it expected results for the year ended 30 April to be in line with market forecasts and that trading was once again robust across all key verticals, with particular success within the life sciences, aviation and financial sectors. The group said it delivered organic revenue growth of approximately 10% together with further contributions from all four acquisitions made during the year. It said this represented the group's eighth consecutive year of revenue and adjusted EBITDA growth. The group said it expected to report revenue of approximately £27.1m, (FY2016: £21.9m) and adjusted EBITDA of approximately £7.8m (FY2016: £6.3m), both having increased by approximately 24%, and a significant increase in adjusted EPS, which continued to be an important financial metric for the Group. Chief executive David Hornsby said: "We are pleased to report that the Group has continued to perform well in delivering another year of high quality earnings growth underpinned by strong cash generation. "We have also made four important acquisitions which have provided scale, product capability and recurring revenues. We continue to grow organically and to increase the percentage of our revenues derived from recurring business. "The group has significant contracted work in progress and a strong pipeline of new business opportunities which provides the Board with confidence for the current year and beyond." Story provided by StockMarketWire.com

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