Maiden half years for Blue Prism
BLUE Prism, a robotic process automation software firm, has posted its maiden interim results, following its stock market listing in March.
The Newton-le-Willows-based company’s software allows customers to save costs by creating a virtual workforce to handle back office, clerical functions. Blue-chip customers include the Co-op Bank, online retailer Shop Direct, RWE npower, the NHS and O2.
It saw group revenues increase 21% to £4m in the six months to the end of April 2016(H1 2015: £3.3m), with recurring licence revenues at 83% of total group revenues (H1 2015: 51%). Losses stood at £2.6m, including IPO costs of £1.2m.
Cash at the period end of £11.2m including £8.8m from IPO proceeds (H1 2015: £1.1m)
The company, which employs 58 staff, said it had seen a strong half year of new business – with 64 licence contracts signed, compared to 40 in the whole of 2015 and the total customer base has increased from 57 to 90.
Alastair Bathgate, chief executive, said the number of new deals signed reflected the company’s strategic move towards a partner led sales model and said it is bringing forward planned 2017 investment in sales and marketing into the second half of this financial year.
He added: “This forward investment is made on the back of strong trading performance in the first half and a solid cash position and we maintain our strategy of achieving cash generation and positive EBITDA in the mid-term.
“Since becoming a public company in March, our corporate profile has increased considerably and we have seen a growing and positive recognition of Blue Prism and our RPA software which is further strengthening our encouraging pipeline. During the second half of 2016 the Group will be focused on converting this pipeline along with securing a number of major renewals and we look forward with confidence.”
In March the company raised £21.1m through its stock market listing on AIM. The listing gaves Blue Prism, which has offices in London and in the US, a market capitalisation of around £48.5m.
