Sales and profits up as software developer reports strong exports

Ideagen, the Ruddington-based software developer, has seen both its revenue and profits rise in the six months to 31 October 2019.

Sales grew by 30% to £27.3m, while profits were up by 25% to £6m.

The performance comes on the back of strong export sales and the acquisitions of Redland Solutions and Optima Diagnostics.

Ben Dorks, chief executive of Ideagen, said: “I am delighted with the progress we have made against our business objectives in the first six months. A key growth metric is ARR, in which we have delivered excellent growth. This was driven by a strong organic performance, further acquisitions and ongoing investment to support our product development.

“We continue to achieve organic ARR growth across each of our key vertical markets which is strengthened by the successful integrations of InspectionXpert, Morgan Kai and Scannell.

“The second half of the year has begun in line with our expectations. We continue to win new logo customers which, coupled with the repeat business derived from more than 4,500 customers and our strong ARR base, provides the Board with confidence in the prospects for the Group for the current year and beyond.”