TIDMIQG
RNS Number : 4502M
IQGeo Group PLC
12 January 2023
12 January 2023
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 provide an update on the Group's
trading for the year ended 31 December 2022 ahead of the release of
its final results in March 2023.
The Group is pleased to report that it expects results to be
ahead of expectations, showing ongoing growth across all key
metrics and its first full year of adjusted EBITDA**
profitability.
Revenue for the year is expected to be not less than GBP26m
(2021: GBP13.8m) representing strong growth of 88%, including
continuing underlying organic growth in the core IQGeo business of
around 65% (2021: 51%) at approximately GBP22.8m (2021:
GBP13.8m).
The Group continues to focus on its transition toward a
recurring revenue model. Overall revenue growth has been reflected
by an increase in recurring revenue of 81% to approximately
GBP10.5m (2021: GBP5.8m). Exit ARR* as at 31 December 2022 has
increased by 83% to approximately GBP15.0m (2021: GBP8.2m) with
recurring revenue net retention at approximately 108% (2021: 113%).
The proportion of revenues represented by project and services has
also increased in light of the number of customer implementation
mandates as the Group has expanded its base of customers from 320
to 450 including both organic and through acquisition.
In-year orders have grown by over 90% to GBP38.0m (2021:
GBP19.6m) resulting in a record closing order book of approximately
GBP28.0m (2021: GBP14.6m) to be taken as revenue in future
years.
The Group expects to report adjusted EBITDA** of not less than
GBP1.8m (2021: loss of GBP0.8m), whilst continuing its significant
investment in capability, headcount and the onboarding of
significant new clients to further strengthen the Group's position
and take advantage of the market opportunity. The Group has
benefited at a revenue level from the strengthening of the US
dollar throughout the year, however has retained a natural hedge
from the proportion of costs also denominated in dollars.
The Group retains a strong balance sheet, with cash of GBP8.1m
(no borrowings) at the year-end (2021: GBP11.5m) having completed
the EUR13m acquisition of Comsof during the period.
Richard Petti CEO said :
"I am very pleased to report another year of substantial
progress. We have this year expanded our footprint and capabilities
both organically and by acquisition, and have improved our position
in a rapidly growing market. I am very grateful to our colleagues
for their hard work in delivering on this and to our customers for
supporting us.
Given the progress that we have made this year, our capabilities
and resources, in addition to the opportunities that we see ahead
of us in this market, we enter 2023 with excitement and great
optimism for the Group. IQGeo's significantly increasing recurring
revenues, strong organic growth, growing order book and new
customer wins provides the Group with a strong platform to ensure
continued success and achievement of our ambitions and build on the
success of 2022.
We continue to be excited by the future with the telecom and
utility operators that IQGeo supports in the midst of a
technological sea change as they continue to rapidly deploy new
fibre, 5G, and decarbonised distributed energy networks. Looking
forward, IQGeo anticipates there being significant levels of
investment in these next generation networks which renders the
Group extremely well placed to fulfil and capitalise on the demand
for the flexible, scalable geospatial software solution offered by
IQGeo."
* 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.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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, Charlotte Sutcliffe (ECM)
Notes to Editors
About IQGeo
Telecommunications and utility operators are "Building better
networks" with IQGeo's award-winning software solutions. The
ability to powerfully model any network requirement, integrate
every system and data source, and support field and office teams
with continual innovation is helping operators create the networks
of the future. Our solutions ensure greater cross-team
collaboration and process efficiency throughout the network
lifecycle, from planning and design to construction, operations,
and sales.
Whether it's highly competitive fiber and 5G broadband rollouts
or complex utility grid modernization projects, IQGeo's enterprise
solutions, our OSPInsight fiber design software, and our Comsof
automated planning software are proven industry leaders. We partner
with large multinationals and smaller regional operators to deliver
the digital innovation they need to increase network resilience,
operational safety, and business ROI.
Headquartered in Cambridge, with offices in Denver, Ghent,
Toronto, Frankfurt and Tokyo, we work with some of the largest
network infrastructure operators in the world. For more information
visit: www.iqgeo.com/
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END
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