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D4t4 Solutions lifts profit, revenue outlook following 'strong' H2; CEO to retire
StockMarketWire.com
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Data solutions provider D4t4 Solutions lifted its outlook on profit after reporting strong performance in the second half of the year.
The company also said Peter Kear would retire as chief executive officer by the 30 June 2022. Kear would be succeeded by Bill Bruno, the current vice president of D4t4's US business.
For the year ended 31 March 2021, revenue and adjusted pre-tax were expected to be approximately £22.8 million and £4.2 million respectively, both ahead of the board's prior expectations.
'This is a very pleasing result and bears out the confidence we placed in the strength of the pipeline of business opportunities carried into the second half of the year,' the company said.
The group now benefits from record levels of recurring revenue with year-end annual recurring revenue, or ARR, up by 11% year on year to £10.6 million, the company said.
Looking ahead, ARR is expected to continue an upward trend as the company moved towards a 'predominantly term/annual recurring revenue model, providing more revenue visibility and ultimately better-quality earnings,' it added.
At 8:03am: (LON:D4T4) D4T4 Solutions Plc share price was 0p at 224p
Story provided by StockMarketWire.com
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