IQGeo Group PLC Trading Update (4110S)
14 July 2022 - 4:00PM
UK Regulatory
TIDMIQG
RNS Number : 4110S
IQGeo Group PLC
13 July 2022
14 July 2022
IQGeo Group plc
(the "Company" or the "Group")
Trading update
IQGeo Group plc (AIM: IQG), a leading developer of geospatial
productivity and collaboration software for telecoms and utility
network operators is pleased to announce an update on current
trading following the close of the Company's first half ended 30
June 2022.
Key Highlights:
-- Revenue for the half to exceed GBP8.9 million (H1 2021:
GBP6.4 million) representing growth of 39% half on half
-- Exit ARR* increasing by c.50% to approximately GBP10.3 million (H1 2021: GBP6.8 million)
-- Total order intake has grown by over 100% to approximately
GBP14.6 million (H1 2021: GBP7.1 million)
-- Significant new customer wins, including a multi-year
contract with one of the world's largest telecom companies worth an
initial $3.6 million plus a service value of $2.1million.
Financial Performance:
The Group expects to report strong performance for the six
months ending 30 June 2022 in line with expectations.
Revenue for the six months ended 30 June 2022 is expected to
have grown by over 39% half-on-half on an all-organic basis and
exceed GBP8.9 million (H1 2021: GBP6.4 million). Total order intake
has grown by over 100% to approximately GBP14.6 million (H1 2021:
GBP7.1 million) with a number of new and significant customers
signing up for multi-year subscriptions, along with an increase in
consultancy services orders obtained both from new and legacy
customers.
The Group has achieved continued success in increasing its
recurring revenue base with Exit ARR* as at 30 June 2022 increasing
by c.50% to approximately GBP10.3 million (H1 2021: GBP6.8
million). ARR intake during the period includes a subscription
contract for an initial deployment to a Global top 5 telecom
operator who selected IQGeo for fibre network planning and
design.
Gross margins are expected to be approximately 60% (H1 2021:
63%) with adjusted EBITDA** expected to be approximately GBP0.2
million (H1 2021: loss of GBP0.4 million). The Group expects to
report net cash as at 30 June 2022 of GBP10.9 million (H1 2021:
GBP12.1 million).
Richard Petti CEO said " We are very pleased with our first half
performance which has been in line with our strategic milestones
and clearly demonstrates our ability to deliver against our
targets. Our ability to secure significant new contracts with
blue-chip telecom operators highlights the quality of our offering
and provides us with an increasingly solid foundation. Our first
reporting period showing an adjusted EBITDA positive is very
encouraging and is both testament to the fantastic team we have and
shows the potential for the future of the business as we continue
to build a world class geospatial business with strong recurring
revenues ".
* Exit ARR is defined as the current go forward run rate of
annually renewable subscription and M&S agreements
**Adjusted EBITDA excludes amortisation, depreciation, share
option expense, foreign exchange gains/losses on intercompany
trading balances and non-recurring items and is reported as it
reflects the performance of the Group
For further information contact:
IQGeo Group plc +44 1223 606655
Richard Petti
Haywood Chapman
finnCap Ltd +44 20 7220 0500
Henrik Persson, Seamus Fricker (Corporate Finance)
Tim Redfern, Richard Chambers (ECM)
Notes to Editors
About IQGeo
IQGeo(TM) (AIM: IQG) a leading developer of geospatial software
that improves productivity and collaboration across enterprise
planning, design, construction, maintenance and sales processes for
telecoms and utility network operators. Our mobile-first enterprise
solutions create and maintain, an accurate view of complex network
assets that is easily accessible by anyone, wherever and whenever
needed. Specialized applications combined with our open IQGeo
Platform help network operators create a single source of network
truth to meet their digital transformation ambitions and
operational KPIs. Our award-winning, cloud-enabled solutions save
time and money, and improve safety and productivity, while
enhancing customer satisfaction. Headquartered in Cambridge, with
offices in Denver, Frankfurt and Tokyo, we work with some of the
largest network infrastructure operators in the world. For more
information visit: https://www.iqgeo.com/ .
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