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Ideagen swings to profit amid boost from acquisitions, product development

By BFN News | 08:42 AM | Wednesday 22 January, 2020


Risk management software provider Ideagen swung to a profit in the first half of the year, driven by acquisitions and product development. For the six months ended 31 October 2019, the company swung to a pre-tax profit of £93K from a loss of £635K last year as revenue increased 30% to £27.3m on-year. Annual Recurring Revenue book (ARR) was up 20% at approximately £43.9m from £36.4m seen at the end of April last year. The performance was driven by a 'strong organic performance, further acquisitions and ongoing investment to support our product development,' the company said. The interim dividend was increased by 15.6% to 0.104p a share. The first half performance in line with market expectations and confident outlook for second half, Ideagen said. At 8:42am: (LON:IDEA) Ideagen share price was -2.5p at 184.5p Story provided by StockMarketWire.com

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