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Ideagen profit jumps in H1 on uptick in revenue; chairman to retire
StockMarketWire.com
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Regulatory and compliance software maker Ideagen reported a jump in first-half profit following an uptick in revenue.
The company also said David Hornsby, executive chairman, would be retiring in May 2021.
Hornsby's executive responsibilities would move over to Ben Dorks, the CEO since 2018, and to Emma Hayes, CFO.
For the six months ended 31 October 2020, pre-tax profit rose to £1.2 million from £93,000 year-on-year as revenue increased to £29.2 million from £27.3 million.
Annual recurring revenue was up 13% at approximately £54.8 million.
'Trading since the period end has remained robust and we continue to see strong demand for our products from new potential customers,' the company said.
'The previous acquisitions are integrating and performing well and the board has every confidence in the continued prospects for the group,' it added.
At 9:15am: (LON:IDEA) Ideagen PLC share price was 0p at 227.5p
Story provided by StockMarketWire.com
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