IQGeo Group PLC (AIM:IQG) expects that rollouts of fibre and 5G services alongside electricity grid modernisation should keep demand for its services rising over the remainder of 2021 and beyond.
The geospatial software solutions group reported revenues for the six months to end June 2021 rose 36% to £6.4mln from £4.7mln a year earlier, with the recurring sales run rate now up to £6.6mln.
Order intake increased by 88% to 1.5mln during the half-year (H1 2020: 0.8mln), which was the highest ever-recurring revenue order intake for a six-month period for IQGeo, said the statement.
IQGeo signed 39 new logos in the first half of 2021 adding there is a significant opportunity in its two industry verticals in all geographic markets.with major private and public initiatives for electrical grid modernisation and the rollout of fibre and 5G networks
“In addition, the OSPI acquisition at the end of 2020 has expanded our addressable market as we successfully target the high-growth area of regional, private, and governmental fibre network operators.”
Losses for the half year dropped to £1.04mln from £1.73mln while cash at the end of the period rose to £12.1mln.