Software group Ideagen reveals surge in annual profits

Ideagen, the software developer with a sizeable presence in East Kilbride, today reported its eighth consecutive year of rising sales and profits.

Ideagen said trading since the end of its financial year remains 'robust'. Picture: Contributed

The group, which recently outlined plans to boost its workforce in the South Lanarkshire town, where it employs about 130 people, said adjusted pre-tax profits for the year to the end of April jumped 22 per cent to £6.9 million, on revenues 24 per cent higher at £27.1m.

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Ideagen specialises in quality, safety, audit, performance and risk management software, and saw its client base swell by more than 800 during the year to stand at more than 3,000. The group counts the likes of British Airways, Imperial Tobacco, Jaguar Land Rover and Ryanair among its customers.

Chief executive David Hornsby said: “Trading since the year end has remained robust and we continue to see strong demand for our products from new potential customers.”

He added: “Moreover, our growing recurring revenues and the repeat business derived from more than 3,000 customers, an increase of over 800 from last year, provides the board with confidence in the prospects for the group for the current year and beyond.”

A final dividend of 0.142p a share was proposed, to be paid on 22 November, which would lift the total payout for the year by 15 per cent to 0.21p.