Sopheon raises guidance for 2017 on back of increased adoption of its Accolade platform

The volume of transactions was up, with 59 licence deals recorded during 2017 compared to 49 in 2016

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Sopheon is expanding beyond its traditional field of innovation management

Innovation management services provider,Sopheon PLC (LON:SPE) expects 2017 sales and profits will be well ahead of market expectations when the numbers are totted up.

The board expects that reported revenues for 2017 will exceed US$28mln, up from US$23mln in 2016.

WATCH: Sopheon focused on expanding its footprint and seizing growth opportunities

Earnings before interest, tax, depreciation and amortisation (EBITDA) will be “significantly ahead of market expectations, as will pre-tax profits.

The net cash position at the end of 2017 was positive, at around US$9.5mln, up from US$4.2mln at the end of 2016.

“An important aspect of 2017 growth was the increased adoption of Accolade as an enterprise platform for areas outside our traditional innovation arena. Licences sold in 2017 included applications for Accolade as diverse as capital expenditure management, IP management, IT project and portfolio management and enterprise initiative management - each representing extension business beyond innovation,” Sopheon’s statement said.

Shares in Sopheon were up 16% at 570p in late morning trading.

Quick facts: Sopheon

Price: 760 GBX

Market: AIM
Market Cap: £77.32 m

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