TIDMAOM
RNS Number : 2948X
ActiveOps PLC
25 April 2023
25 April 2023
ActiveOps plc
("ActiveOps" or the "Company")
Full Year Trading Update
Strong financial performance across all metrics
ActiveOps plc (AIM: AOM ), a leading provider of Management
Process Automation (MPA) software for running hybrid and global
back-office operations, today provides an update on trading for the
year ended 31 March 2023.
The Board is pleased to announce that following continued
positive trading in the second half of the year, it expects to
deliver results for the year ahead of market expectations*. Group
revenue is expected to have increased by approximately 11% to at
least GBP25m (FY 2022: GBP22.9m), which combined with the Group's
high gross margins, and a significant positive impact from currency
movements, has resulted in a stronger than expected profit
performance delivering a positive adjusted EBITDA** (FY 2022: loss
GBP0.3m) .
Cash generation has also been strong, resulting in a year-end
cash position of GBP15.4m (March 31, 2022: GBP13.8m), increasing to
GBP17.5m following additional cash receipts shortly after the year
end .
SaaS revenue is expected to have increased by approximately 13%
(FY 2022: GBP19.6m), which combined with increasing levels of Net
Revenue Retention has seen Annual Recurring Revenue also increase
by approximately 13% to GBP22.6m (31 March 2022: GBP20.1m) as the
Group continues to build a solid base of recurring revenues from
which to drive further growth.
ActiveOps has seen good uptake of the newly launched CaseWorkiQ
solution, as well as securing multiple new wins and contract
expansions for its existing software solutions, ControliQ and
WorkiQ. This includes the first example of all three products
within one customer, demonstrating the cross and upsell potential
within the existing customer base.
The R&D team continues to ensure ActiveOps maintains its
status as a provider of market leading Management Process
Automation products, making considerable advances in the areas of
artificial intelligence (AI) and automation, providing clients with
new means to increase the efficiency of their back-office, support
their planning processes and ultimately provide greater resilience
and agility within their organisations.
The Group expects to release audited results for the year ended
31 March 2023 in early July 2023.
Richard Jeffery, Chief Executive Officer of ActiveOps plc,
commented: "ActiveOps has gone from strength to strength in the
past year, delivering ahead of the targets we set ourselves at the
time of our IPO, securing a strong revenue performance and
achieving a positive EBITDA run rate as we entered the final
quarter of the year. We have continued to expand the usage of our
offerings across our growing roster of blue-chip customers,
demonstrating the appeal of our solutions and the clear return on
investment they deliver our clients within these tough
macro-economic times.
"With a cutting-edge product set that helps clients solve
real-time issues, high levels of recurring revenues, a clear
pathway to profitability, increasing cash position and a resilient
and diverse customer base, we are well placed to continue to
deliver against our growth plans."
* Company compiled range is based on known sell-side analyst
estimates. The latest known sell-side analyst estimates for the
full year ended 31 March 2023 are:
-- Revenue in the range of GBP24.6m to GBP25.1m;
-- Adjusted EBITDA (1) loss of GBP(0.5)m
** Adjusted EBITDA is used by management to assess the trading
performance of the business. Defined as Operating profit before
depreciation, amortisation, share-based payment charges and
exceptional items and includes FX differences.
For more information, please contact:
ActiveOps Via Alma PR
Richard Jeffery, Chief Executive www.activeops.com
Officer
Patrick Deller, Chief Financial Officer
Investec Bank plc +44 (0)20 7597 5970
Corporate Broking & PLC Advisory
Patrick Robb / David Anderson
Alma PR + 44(0) 203 405 0205
Caroline Forde / Will Ellis Hancock
About ActiveOps
ActiveOps is a leader in Management Process Automation (MPA),
providing a SaaS platform to large enterprises with complex and
often global back-offices. The Group's software and embedded
back-office operations management methodology enables enterprises
to adopt a data-driven, scientific approach to organising work and
managing capacity.
The Group's enterprise platform comprises its MPA software
products and AOM, the Group's operations methodology and framework
for effective back-office management. Together, this combination of
software and embedded methodology enables operations managers to
balance the competing priorities of meeting service and quality
standards while improving productivity and reducing cost.
As at 30 September 2022, the Group has 180 employees, serving
its global customer base of over 80 enterprise customers from
offices in the UK, Ireland, USA, Australia, India and South Africa.
The Group's customers are predominantly in the banking, insurance
and business process outsourcing (BPO) sectors, including
Nationwide, TD Bank, Anthem Inc and DXC Technology.
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END
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