Confident Ideagen sees profits soar

Ideagen, the Ruddington-based software firm which supplies regulated industries, has posted impressive interim results for the six months to October 31, 2016.

Revenues at the firm increased by 22% to just over £12m, while profit before tax was up by 23% to £2.63m.

During the period, Ideagen bought Covalent Software and Logen adding IP, recurring revenues and over 200 customers to the Group.

David Hornsby, CEO of Ideagen, said: “We are delighted to report on another strong performance from the Group across all of our vertical markets during the first half of the year.

“As well as recording significant organic growth and a further increase in revenues, the Group has successfully acquired and integrated two companies in the period which marks a return to our strategy of acquiring businesses with strong IP and recurring revenues. In addition, we have achieved strong momentum within our SaaS based business which has helped increase recurring revenues and supports the Group’s medium term strategy to transition from a predominantly perpetual to a predominantly SaaS based licence model.

“Current trading is robust and remains in line with both market and management expectations. As such, long term prospects for the Group remain positive and we are confident in the outlook for the rest of the year.”