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Sopheon augustus 2023

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  9. OVI 24 augustus 2023 09:13

    • OVI

      Lid sinds: 16 mrt 2004

      Laatste bezoek: 18 dec 2024

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    www.sopheon.com/hubfs/Financial%20Rel...

    INTERIM RESULTS FOR THE 6 MONTHS TO 30 JUNE 2023
    Sopheon, the InnovationOps software company, announces its unaudited half-yearly financial report for
    the six months ended 30 June 2023 (“H1” or “the Period”) together with a business review and outlook
    statement for the second half of the year.
    HIGHLIGHTS:
    • Revenue was $17.0m compared to $15.7m in H1 2022, reflecting a strong recurring revenue
    performance.
    • Five new enterprise customers were signed in the period for our flagship Accolade® software.
    Sales team activity also included orders for Acclaim™ Projects and Acclaim Ideas, acquired with
    ROI Blueprints and Solverboard respectively. Our online sales channel for Acclaim Ideas and
    Acclaim Products, introduced in September 2022, has shown continued growth with signup
    activity rising from a cold start to benchmark run rates. We will continue to refine product and
    marketing methodologies to achieve conversion.
    • SaaS ARR1 of $15.2m at 30 June (H1 2022: $9.3m) representing an impressive 63% year over
    year growth. All new customers signed in the period were SaaS based.
    • Total ARR including maintenance was $25.9m at 30 June (H1 2022: $21.9m) representing 18%
    year-on-year growth. Gross ARR retention for the Period was almost 99% (H1 2022: 98%).
    • Full year 2023 revenue visibility2
    stands at $32.4m compared to $34.1m at this time last year.
    Last year’s comparative included over $4m from a substantial perpetual license order from the
    US Navy, received in July 2022. The current sales pipeline for the balance of 2023 includes
    opportunities for two significant perpetual extension orders from existing military customers, as
    well as many SaaS opportunities from private sector prospects and existing customers.
    • Adjusted EBITDA3 of $2.9m (H1 2022: $2.9m) reflects continued investment in product and
    commercial initiatives as per operating plans. Net cash at 30 June was $22.4m (H1 2022: $23.5m)
    and the Group remains debt free.
    • In February 2023, Barney Kent, former Chief Operating Officer of Ideagen plc was appointed to
    the board as a Non-Executive Director, underlining the Company’s commitment to continued
    board independence, organic growth and M&A activities.
    • Several product releases were made during the Period, with AI capabilities now introduced to two
    of our offerings. As noted above, sales were booked for Acclaim Projects and Acclaim Ideas
    alongside Accolade, underpinning Sopheon’s strategy to be the leading software vendor focused
    on operationalizing the business of innovation, commonly referred to as “InnovationOps.”
    • Post Period end, in July 2023, we acquired Prodex, Sopheon’s reseller for Australia, New Zealand
    and South-East Asia, for initial consideration of $0.7m. Sopheon's third acquisition since 2021
    brings us a truly global footprint, with a strong platform to advance customer acquisition and
    growth in the Asia Pacific region.
    Sopheon’s Executive Chairman, Andy Michuda said: “Sopheon continues to deliver on its key
    growth and transformation objectives, demonstrated in particular by significant and sustained increases
    in SaaS ARR, supported by continued high retention performance. In parallel we have delivered
    substantial investment in growth initiatives and M&A that expand our product offering, geographical
    footprint and market opportunity, while maintaining cashflow discipline and EBITDA performance. Our
    strong balance sheet continues to support our ability to execute with confidence. We expect the impact
    of increased investments in both marketing and product to contribute to a stronger sales pipeline in the
    second half of the year and beyond, in support of our growth objectives.”
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