IQGeo Group PLC (AIM:IQG)’s “remarkable” trading update posted on Monday, 15 January has caught the attention of analysts at house broker Cavendish, leading to sweeping earnings upgrades for the year ahead.
IQGeo's organic revenue growth stood at an impressive 56%, fuelling a 66% overall revenue growth, with the group’s 60% gross market reflecting “strong growth in recurring and services revenue”.
Cavendish attributed IQGeo’s 50% year-on-year surge in organic exit annual recurring revenues (ARR) to the group’s “excellent execution of the land and expand strategy”.
In response to this highly bullish reading update, Cavendish raised its full-year 2024 recurring revenue estimate by 10% to £22.6 million and EBITDA estimate by 5% to £9.5 million.
Analysts said: “As IQGeo’s best-in-class platform continues to resonate with global tier-one telecoms and utilities, and the Editions strategy accelerates the global expansion with tier two-to-four customers, we look forward to additional contract wins, contract expansions, full-year 2023 results in March, and attractive M&A opportunities.”