IQGeo Group plc
("IQGeo", the "Company" or the "Group")
Continued strategic progress underpinned by strong trading performance
Cambridge, 28 January 2020 - IQGeo Group plc (AIM: IQG), a market leading provider of geospatial productivity and collaboration software for the telecoms and utilities industries, is pleased to provide an update on the unaudited results of the Group for the year ended 31 December 2019.
We have established IQGeo as a leader in geospatial software, delivering a strong performance for 2019 and continuing to win new customers by successfully challenging legacy Geospatial Information Systems ("GIS") competitors with an exciting software suite and talented team.
Within its global footprint, IQGeo expanded its presence in North America and added new contracts in Europe and Japan. The Group's product order intake increased by 120% year on year, adding 13 new customers (FY18: 11) to a year-end total of 50.
We continue to focus on growing our Annual Recurring Revenues ("ARR") from software subscription, maintenance and support, growing ARR by over 60% in the year to approximately £2 million. Growth in ARR has increased future revenue visibility, contributing strongly to approximately 40% growth in total order backlog at year end of £5 million (FY18: £3.75 million). Of the 13 new customers secured in the year, 70% were secured on a subscription basis.
We continued to transition our revenue model to a more visible recurring basis, whilst still growing our own product revenues by 15% to approximately £5.5 million (FY18: £4.74 million). We also continued our strategy to manage down levels of lower margin third-party services revenues reducing them to approximately £2.2 million (FY18: £5.24 million) and as a result total reported revenue is expected to be approximately £7.7 million (FY18: £9.98 million).
The Company expects to report a cash balance for the Group of £13.1 million and anticipates issuing its full year results in March 2020.
Richard Petti, Chief Executive Officer, said: "I am encouraged by IQGeo's strong progress against our strategic priorities. We expect 2020 to deliver further growth and reduced cash consumption. Along with the board, I am confident about IQGeo's future prospects for success."
For further information contact:
IQGeo Group plc +44 1223 606655
finnCap Ltd +44 20 7220 0500
Henrik Persson, Anthony Adams (Corporate Finance)
Tim Redfern, Richard Chambers (ECM)
Tulchan Communications LLP +44 20 7353 4200
James Macey White, Matt Low, Deborah Roney
Notes to Editors
IQGeo™ (AIM: IQG) a leading developer of geospatial software for the telecoms and utility industries, accelerating productivity and collaboration across enterprise planning, design, construction and maintenance processes. Our reality-centric solutions create and maintain a real-time, accurate view of complex network assets, dramatically improving data quality and currency. IQGeo's open, mobile-first architecture streamlines operational processes using any device, in the office or in the field, enabling greater business collaboration. We help network operators meet their digital transformation ambitions, saving time and money, while improving safety and 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:
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014
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