Blancco Technology FY results benefit from 'strong structural tailwinds'

Data erasure and mobile device diagnostics group Blancco Technology said on Wednesday that it had continued to benefit from "strong structural tailwinds" in the year ended 30 June.

Blancco stated revenue and profit growth had continued and, despite the Covid-19 pandemic lengthening sales cycles, full-year results were projected to be in line with current market expectations - with revenue of approximately £33.4m and an adjusted operating profit of roughly £4.0m.

Chief executive Matt Jones said: "Despite the challenges presented by the Covid-19 pandemic, Blancco has continued to deliver on its stated growth strategy."

In the short-term, the AIM-listed group said the challenges created by the pandemic were expected to temper growth in the early months of this new financial year.

However, Blancco's pipeline was said to be strengthening and the widespread implementation of remote working had led to a "noticeable increase" in the purchase of IT equipment - which it believes will likely lead to increased demand for its services in the medium-term.

"Although the impact of Covid-19 has clearly introduced some uncertainty, we are confident that we are well placed to create further value with both a strong balance sheet and a product suite that addresses the regulatory and environmental challenges that are facing all organisations at the present time."

As of 1000 BST, Blancco shares were down 2.51% at 190.10p.