IQGeo Group PLC (AIM:IQG) said it expects to break-even this year after making "substantial progress” in all regions and boosting revenue.
The provider of geospatial productivity and collaboration software for the telecoms and utility industries signed a record 76 new customer logos in the 12 months ended 31 December.
Recurring revenues grew 80% to £5.8mln and accounted for 42% of total sales, up from 35% the previous year.
Revenues increased 51% to £13.8mln as the company’s headline figures continued to beat market expectations.
"We are very pleased to report that we have come out ahead of our own expectations for the financial year and made real progress towards our aim of building a high recurring revenue software business,” Richard Petti, chief executive, said.
The company’s loss for the year was slashed to £1.9mln from £4.1mln, with break-even anticipated this year, it said.
“Our progress this year, along with our capabilities and the market opportunities provides us with a high level of confidence and optimism as we move to FY22 and beyond," Petti added.