Technology firm Blue Prism has delivered an upbeat update on its performance and believes the impact of Covid-19 “may stand to accelerate market development in the longer-term”.<\/p>\n
The Warrington-headquartered business is a leader in Robotic Process Automation (RPA) and works with large companies around the world to automate their systems.<\/p>\n
“We have delivered a strong first half performance despite disruptions from the Covid-19 pandemic,” said Jason Kingdon, executive chairman at Blue Prism.<\/p>\n
“Our product and approach mean we are well distanced from other market participants and as a result the board and I remain absolutely convinced that Blue Prism is strongly positioned to deliver on the unique and compelling opportunity ahead of it.”<\/p>\n
It grew revenues by 70% to \u00a368.5m in the six months to April, while it had a net increase of 255 customers, including Huawei and the Australian Tax Office.<\/p>\n
It narrowed losses, as measured by adjusted EBITDA, by 4% to \u00a329.8m. However amortisation, depreciation and share-based payments increased its pre-tax losses to \u00a341.4m.<\/p>\n
Blue Prism successfully raised \u00a3100m in April at 1100p per share and last night’s close was 10% above that price, giving the business a market value of \u00a31.14bn.<\/p>\n
Kingdon added: “The recent fundraising of \u00a3100m has reinforced our strong position and insulates us from any further or prolonged disruptions as we progress to cash flow breakeven in 2021.<\/p>\n
“It also places us well to respond to any opportunities that may arise as a result of trends to remote or distributed working, which our product and approach is uniquely well placed to capture.”<\/p>\n
Kingdon resumed an executive role in October as executive chairman which was expanded to include the role of chief executive at the end of April after Blue Prism’s co-founder Alastair Bathgate stepped down.<\/p>\n
Although the company hopes that Covid-19 can lead to faster growth of the market in the future, it has “noted some headwinds” caused by the pandemic.<\/p>\n
It said customers have focused on business continuity which has led to delays to conversions and lower deal sizes. <\/p>\n
Blue Prism said it has been “encouraged” by the work its product has been undertaking, including projects with global financial institutions processing Covid-19 interventions such as mortgage holidays and working with multiple NHS trusts.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u00a3100m fundraise and 70% increase in revenues ‘reinforces strong position’<\/p>\n","protected":false},"author":18,"featured_media":2061757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50204],"coauthors":[81],"class_list":["post-2061756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-featured-story"],"yoast_head":"\n