Ideagen
LSE : IDGP

January 18, 2012 02:00 ET

Interim Results

                                                       
                                                  Ideagen PLC
                                         ("Ideagen" or the "Company")
                      Unaudited interim results for the six months ended 31 October 2011

The  Board  of Ideagen PLC (PLUS: IGNP), a leading supplier of Compliance Solutions and On-Demand   Information
software, today announces the Company's unaudited Interim Results for the six months ended 31 October 2011.

Financial Highlights
-       Revenue up by 57% to £1.706m (2010: £1.084m)
-       Adjusted EBITDA up by 102% to £0.513m (2010: £0.254m)*
-       Adjusted PBT up by 96% to £0.48m (2010: £0.245m)**
-       Cash generated by operations of £0.59m (2010:  -£0.105m)
-       Cash and cash equivalents of £1.167m (2010: net debt of £0.041m)
-       Net Assets of £3.395m (2010: £1.056m)
*Before share based payments
**Before share based payments and amortisation of acquisition intangibles

Operational Highlights
-       Successful integration of Ideagen Software
-       5 new deals closed each with a value in excess of £150,000
-       40% organic growth in compliance business
-       95% renewal rate for recurring support and maintenance contracts
-       New 3 year Distribution agreement with SDG to market our products across the EMEA region
-       Continued investment in core product development with the release of Workbench V10.

Post Balance Sheet Event
-       Acquisition of Proquis Ltd and its US based operating subsidiary Proquis Inc.
-       Proquis recently secured contract expected to be worth approximately $10.6m
        
David  Hornsby,  CEO of Ideagen, commented: "Whilst the macro economic climate continues to be challenging  for
technology  companies, the strong value proposition Ideagen offers highly regulated organisations has  provided
the  basis  for our continued revenue and profit growth. We have built a product set that offers  a  compelling
business  case and is a priority for senior executives as legislative and regulatory pressures increase.  As  a
result,  the Company continues to trade in line with market expectations and we look forward to the forthcoming
financial period with confidence."

Enquiries:
Ideagenplc                                 Tel: 01438 347110
David Hornsby, Chief Executive

finnCap Limited                            Tel: 020 7220 0500
Marc Young/Ben Thompson (corporate finance)
Stephen Norcross (corporate broking)

Walbrook                                   Tel : 020 7933 8780
Bob Huxford/Helen Westaway (media relations)
        

Chief Executive's Statement
I  am  pleased to announce our interim results for the half year. Ideagen has continued the momentum from  last
year  and  has made exciting progress both strategically and financially in the first six months of this  year.
The Company is very well placed to enjoy further growth this year and beyond.

Following the acquisition of Ideagen Software in April 2011 the board believes that there is an opportunity  to
build  Ideagen as a global leader in compliance based information management software. There is a growing  need
for  organisations to implement Commercial off the Shelf (COTS) software to manage content and processes  in  a
highly  regulated environment. Recent sales success both in Europe and the USA would suggest that the Company's
products have the potential to be market leading on a global basis.

Since  the  period end the Company has acquired Proquis Ltd and its US based operating subsidiary Proquis  Inc.
The recent success of Proquis in securing a contract expected to be worth approximately $10.6 million to supply
a  system to support ISO 9001 standards within the Department of Veterans Affairs further supports the  Board's
view that our products have global market appeal. The Company will continue to focus its attention on supplying
software  to  highly  regulated  organisations, building shareholder value through  organic  growth  and  where
appropriate acquisitions.


David Hornsby
Chief Executive










































Ideagen plc

Consolidated Statement of comprehensive income for the six months ended 31 October 2011

Contact Information

  • Ideagen