IQGeo underlying earnings surge in 2023

Software firm IQGeo said on Monday that full-year underlying earnings were expected to be significantly ahead of previous guidance, driven by "strong growth and momentum" across all key metrics.

IQGeo said full-year adjusted underlying earnings would exceed £6.4m, a 237% year-on-year improvement, while revenues were set to exceed £44.2m, representing annualised growth of 66%. Exit annual recurring revenues were £21.1m, up 40% on 2022.

Net retention for the period was roughly 132%, up from 108%, while record order intake of approximately £56.9m represented more than 40% growth for the year. Gross profit margins were broadly flat at 60%.

Chief executive Richard Petti said: "I am delighted with our performance in 2023. We have delivered a very strong set of results and at the same time we have strengthened both our product competitiveness and our organisation.

"Our record order intake, strong growth in exit ARR and more than three-fold growth in adjusted EBITDA demonstrate the strength of our proposition, our position in our chosen markets, and the innovation of our technology. Our future is underpinned by global megatrends that will deliver long-term sustainable growth in our end markets for the next decade and beyond."

As of 0915 GMT, IQGeo shares had surged 16.91% to 325.0p.

Reporting by Iain Gilbert at Sharecast.com