Sopheon raises full-year guidance again

Software provider Sopheon raised its full-year profit forecasts again on Tuesday as a result of higher revenues and lower than planned costs.

Sopheon told investors that revenues would now be in excess of $33m, a 16% year-on-year increase, while EBITDA and pre-tax profits were set to be "significantly ahead" of its previously upgraded market expectations.

The AIM-listed outfit recorded 18 new customer wins in the year ended 31 December, compared to 13 the year before, of which several were "substantial in size".

Recurring revenues rose 22.5% to $14.7m, which, together with Sopheon's contracted services revenue, provided the firm with an overall revenue visibility of roughly $19.4m for 2019.

"Looking ahead, we have a very strong pipeline and solid commercial profile in both our home USA and EU territories; coupled with rising interest from Asia through partnership activity," said Sopheon.

Sopheon said its aims for 2019 were to call for a number of new hires, to deliver on its planned investments, and further solidify its "leading position" as it drives for a "fifth consecutive year of financial and strategic growth".

As of 1100 GMT, Sopheon shares had slid 3.08% to 1,260p.