IQGeo Group PLC (AIM:IQG) shares were on the move following a bullish trading update posted on Monday.
In the update, the developer of geospatial productivity software for the telecoms sector said it expects to report exit annual recurring revenues (ARR) of £21.1 million, a near 50% increase on a constant currency basis.
IQGeo bested its own guidance with revenues for 2023 soaring to over £44.2 million, marking a significant 66% increase compared to the previous year, with organic growth accounting for 56% of this surge.
Chief executive Richard Petti expressed delight at the performance in 2023 and optimism for the future, underpinned by global trends in the telecoms and utilities sectors, where there is a surge in investments for modernising infrastructure and meeting net-zero carbon emission targets.
Shares were swapping for 25.1p at the time of writing, marking a 17% increase from last week’s closing price.