IQGeo Group PLC (LON:IQG) said it will report a strong first-half financial performance, in line with expectations.
In a trading update the telecoms and utilities software company told investors that in the period it grew its IQGeo business, and, successfully integrated OSPInsight which was previously acquired in December.
Revenue is seen at no less than £6mln, versus £4.7mln for the comparative period of 2020, and higher subscription-based revenues resulted in better gross margins to around 60%, up from 50%. Across the group the company saw an 87% rise in annual recurring revenues (ARR) and orders, to around £1.5mln. As of June 30, the ARR was seen at £6.5mln, up 124% from the £2.9mln reported for H1 2020.
"We are very pleased with our first-half performance which has been in line with our strategic milestones and financial plans,” said chief executive Richard Petti. “Notwithstanding the current pandemic demand for our geospatial software remains robust as our existing customers and new prospects continue to invest in improved service, new technology and network expansion.
“We look forward to the second half of the year with optimism and are confident of continuing to meet our expectations.”
IQGeo ended the half with £12.1mln of net cash.