Gresham looks ahead to 2017 following solid progress in FY16
14 March 2017 | 2381 views | 0
Source: Gresham Computing
Gresham Technologies plc (LSE: “GHT”, “Gresham” or the “Group”), the leading software and services company that specialises in providing real-time transaction control and enterprise data integrity solutions, is pleased to announce its results for the financial year ended 31 December 2016.
Continued strong Clareti customer progress in 2016:
Eleven new customer wins in the UK, the US and Asia Pacific
Continued expansion of use from the existing customer base through increased existing usage and new use-cases.
Completed the acquisition of C24 Technologies Limited (“C24”), adding approximately thirty-five C24 customers to the Clareti client base.
Group revenues up 16% to £17.2m (2015: £14.8m), of which Clareti revenues were up 42% to £7.5m (2015: £5.3m), including £0.3m from C24. Other revenues remained stable as planned.
Clareti software revenues up 38% to £4.7m (2015: £3.4m), of which Clareti software recurring revenues up 53% to £2.9m (2015: £1.9m).
Clareti annualised recurring revenues up 92% to £4.6m as at 31 December 2016 (2015: £2.4m), including £1.2m from C24.
Adjusted EBITDA* up 41% to £3.8m (2015: £2.7m).
Statutory profit before tax as reported up 38% to £2.2m (2015: £1.6m).
Adjusted diluted earnings per share** up 38% to 4.67p (2015: 3.38p).
Cash £7.2m and no debt at 31 December 2016 (2015: £4.7m and no debt), benefiting from strong customer cash collection in the last quarter of the year.
Continued investment in product innovation and global sales and marketing to build recurring revenues.
Three new CTC wins achieved in 2017 to date.
Management confident about the prospects for the Group.
* Adjusted EBITDA refers to earnings before interest, tax, depreciation and amortisation, adjusted to add back share-based payment charges and exceptional items.
** Adjusted to add back share-based payment charges, exceptional items and amortisation from acquired intangible assets.
Ian Manocha, CEO, commented:
“The Group delivered an extremely confident performance in 2016 underpinned by strong organic revenue growth from Clareti solutions. We grew licence revenues from our existing Clareti base, won eleven new CTC customers, and brought another thirty-five customers into the Group through our acquisition of C24 Technologies Ltd. As a result our recurring revenue from Clareti has grown 53% year on year.
2017 has already started positively with three new CTC customer wins.”