Shares in Gresham Technologies plc (LON:GHT) advanced after the software services firm said it continues to expect a sharp rise in full-year earnings after a strong first half.
In the six months to the end of June, revenue jumped 36% year-on-year to £12mln with like-for-like revenue up 29%.
The company’s Clareti technology was a key driver of growth, delivering a 50% increase in revenue to £8.3mln and a 38% gain in like-for-like revenue on the back of contract wins.
READ: Gresham Technologies shares tank as 2018 earnings dented by order delays
The rest of the business posted a 17% rise in revenue to £4.1mln.
Gresham said B2 Group, the bank-to-corporate integration and cash management software specialist it purchased last July, maintained a solid performance and the full-year outturn for the division remains in line with management’s expectations.
Net cash at the end of the period stood at £8.3mln, up from £7.0mln a year ago.
The group said it remains on track to achieve “substantially higher” adjusted earnings (EBITDA) for the year.
"This has been an excellent first half with strong Clareti subscription growth driven by four strategic wins and a solid run rate of smaller new deals and customer upgrades,” said chief executive Ian Manocha.
“We have made good progress with each of our three Clareti go-to-market initiatives: data integrity and control; regulatory data quality; and cash management and payments solutions, and there is good momentum in the business as we enter the second half."
Shares rose 1.2% to 113p in morning trading.