Gresham Technologies expects 'substantially higher' earnings after solid first half

Software and services firm Gresham Technologies saw revenues move ahead in the six months ended 30 June, leading the group to anticipate underlying earnings "substantially higher" than for the same period in 2018.

Group sales grew 36% to £12.4m, driven by a 50% improvement in Clareti revenues to £8.3m. Clareti recurring revenues meanwhile soared 83% to £5.5m.

As a result of the solid first half, Gresham not only expects adjusted EBITDA to be stronger for the half, but the group told shareholders on Thursday that it also remained in line with management expectations for the full year.

Chief executive Ian Manocha said: "This has been an excellent first half with strong Clareti subscription growth driven by four strategic wins and a solid run rate of smaller new deals and customer upgrades.

"We have made good progress with each of our three Clareti go-to-market initiatives: data integrity and control; regulatory data quality; and cash management and payments solutions, and there is good momentum in the business as we enter the second half."

As of 1530 BST, Gresham shares had picked up 2.22% to 115p.