IQGeo Group PLC (AIM:IQG) more than doubled interim revenues after telecoms groups rushed to use its virtual modelling software as they upgraded their broadband networks.
Total revenue rose 124% to £20.5 million in the six months to end June 2023, while underlying profits (adjusted EBITDA) jumped to £2.7 million (from £0.2 million). Pre-tax losses fell to £0.2 million from £0.5 million.
Recurring revenue (ARR) jumped 61% to £7.2 million but has now climbed to £16.9 million due to contracts with a top five Japanese utility company and a German broadband operator announced in July, said IQGeo.
Orders overall currently are up 54% at £22.6 million with cash of £6.9 million at the end of the period.
Richard Petti, chief executive, said IQGeo had delivered very strong growth across all key financial metrics.
“We continue to see high levels of investment in fibre broadband rollout and utility grid modernisation, as well as growth in the adoption of our network management software.
“These positive trends give us confidence in our targets for the second half of the year and moving forward into 2024.”