Ideagen trades 'marginally ahead' of market expectations

Information management software supplier Ideagen saw some strong trading during its last trading year, with results expected to be "marginally ahead" of market expectations.

Ideagen told investors on Tuesday that it expects to report a tenth consecutive year of revenue and EBITDA growth when it turns in its full-year results in mid-July.

Revenue was projected to jump 29% to approximately £46.7m, and adjusted EBITDA was expected to rise 30% to roughly £14.3m.

Net debt widened from £800,000 to £1.3m following the acquisitions of InspectionXpert, Morgan Kai, Scannell Solutions and IPI.

All in all, Ideagen revealed trading had been "robust across all key verticals", with the AIM-listed group delivering organic revenue growth of approximately 8% and generating a "substantial increase" in recurring revenues as its transition to a SaaS model continues.

Chief executive Ben Dorks said: "We are pleased to report that the group has continued to perform well in delivering another year of quality earnings growth underpinned by strong cash generation.

"Our growing base of recurring revenues and a strong pipeline of business opportunities from new logos and our growing customer base provides the board with confidence for the current year and beyond."

As of 0850 BST, Ideagen shares had risen 3.20% to 132.10p.