Ideagen sees H1 revenue and adjusted earnings 'significantly ahead'

Ideagen said on Tuesday that it expects first-half revenue and adjusted earnings to be “significantly” ahead of the same period a year ago following strong trading.

In an update for the six months to 31 October, the AIM-listed supplier of information management software said it expects to report underlying organic revenue growth of around 12%.

The company said it continues to trade in line with market expectations for the full year to 30 April 2018, with cash generation in the first half “strong” and a “robust” balance sheet with no debt. The cash balance at the period end was £5.9m versus £4.8m at 30 April.

Chief executive officer David Hornsby said: "I am pleased to report yet another strong start to Ideagen's financial year. Our core markets are strong and underpin the demand we have seen this half. Cash generation has been excellent and the group has seen further growth in its recurring revenues and repeat business.

“The market opportunity remains large and long term and given the group's position as a leader in the governance, risk and compliance market, the board is optimistic about the group's continued growth prospects."

At 1000 GMT, there shares were down 2.8% to 86p.