Software firm cuts jobs as it looks to save £4m

Ideagen, the Nottingham-based software firm, says it has made “limited redundancies” in order to mitigate against the effects of the coronavirus pandemic.

The company, which supplies risk management to software, says the move, along with salary freezes and “operational efficiences” will save it around £4m this year, so that it can meet its revenue targets of around £15m a quarter.

Ideagen called the moves “pragmatic measures” in the face of an uncertain outlook. The firm says it full-year revenues are likely to be just under forecast around £56m.

The firm has also confirmed that it has closed all its offices and that it paid its annual dividend to shareholders in March.

Ben Dorks, chief executive, said: “Whilst our performance in our fourth quarter has been affected by the current crisis our strategy and business model remain robust and I am proud of our execution at this difficult time. We have acted quickly and decisively to realign our 2020/2021 cost model to current trading patterns which we believe will provide the basis for a robust financial performance in our next financial year.

“We believe that the Group is now well placed to manage its business risk effectively, emerge from the current environment in good health able to take advantage of business opportunities once the pandemic has subsided. I would like to thank all of our employees, customers and investors for their support during this time as we look forward to the economic and public health environment normalising in the future.”