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Gresham Technologies on track to meet annual market expectations
StockMarketWire.com
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Software and services company Gresham Technologies said it expected to meet market expectations following a record jump in contracted revenue.
The company said it expected to close the year ending 31 December 2020 in-line with current market forecasts for group revenues and adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, thanks to 'record' levels of contracted revenue.
Clareti software's annual recurring revenue had grown to £11.9m and additional growth was expected from contracts planned to be signed in the remainder of 2020.
Revenues from signed contracts with ANZ were expected to exceed £11.0m in the year ended 31 December 2021, which was approximately 20% more than the previous 12 months. 'As a result of steadily increasing investment in the Clareti Cash Management project, 37% of all contracted revenues with the bank are now Clareti related,' the company said.
'The group continues to invest in sales and marketing and expects the Clareti business to continue to grow strongly in FY21 translating into further improvements in Group EBITDA and cash EBITDA,' it added.
At 9:46am: (LON:GHT) Gresham Technologies PLC share price was +2p at 117p
Story provided by StockMarketWire.com
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