Sopheon contractual booking grow despite 'unpredictability and unparalleled disruption'

Software company Sopheon said on Thursday that it had seen growth in contractual bookings during what had been "a year of unpredictability and unparalleled disruption".

Revenues were in line with those recorded in 2019 at $30.0m, while the total contract value of sales booked in the year was up almost 25%, and the TCV of new SaaS contracts booked "nearly tripled. Sopheon also highlighted that six of its new deals exceeded $1.0m in initial TCV.

Annual recurring revenue closed at $18.0m, a "historic high" and up from $15.9m a year earlier.

Retention was impacted during the initial stages of the Covid-19 pandemic, then rebounded later in the year.

As a result of the performance, Sopheon maintained its dividend at 3.25p per share.

Looking forward, the AIM-listed firm said it had closed 27 software transactions closed so far this trading year, of which just under half were SaaS-related.

Customer retention was said to have been strong and, when coupled with new orders, ARR rose above $19.0m, while visibility for the full-year 2021 now stands at $28.0m, compared to $23.2m at the time of its AGM announcement last year.

As of 1100 BST, Sopheon shares were up 5.37% at 932.50p.