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Audited Results Statement for the Year to 31 December 2020
Sopheon plc, the international provider of software, expertise, and best practices for Enterprise Innovation Performance, is pleased to announce its results for the year ended 31 December 2020, in line with market expectations, together with an outlook for the current year.
Financial Highlights:
Revenue of $30.0m, maintained in the face of challenging year due to COVID, whilst embarking on a SaaS transition (2019: $30.3m)
ARR1 rose from $15.9m at the start of 2020 to $18.0m at the end of the year
Full year 2021 revenue visibility2 is now at $24.5m (last year at this time: $21.2m)
TCV2 of signed contract bookings up 1.25X, and TCV of SaaS bookings up 2.74X
Adjusted EBITDA3 of $5.9m (2019: $6.4m)
PBT of $1.7m (2019: $2.5m)
Net cash of $21.7m (2019: $19.4m) and the Group has no debt
Dividend to be maintained at 3.25p per share (2019: 3.25p)
Operational Highlights
10 new customer wins including DuPont, LG, Hochland, Clif Bar and Mondelez. Six of the new customers signed had deal values over $1m.
SaaS First and SaaS uplift programs introduced to assist clients in moving to the cloud. Over 50% of new clients signed SaaS contracts and four existing clients converted to SaaS as part of the SaaS Uplift program.
Continued investment in cloud-native SaaS capabilities for Accolade
Gross retention of 91.5% (2019: 94.2%) with customers taking cost decisions earlier in the year, with a return to improved levels in the second half
Greg Coticchia, who has been working with us for some time and demonstrated his capability and value add to the Group, to join Board and spearhead cloud strategy as CEO. Andy Michuda to become Executive Chairman, focusing on partnerships and M&A alongside governance. Barry Mence to step down to become a Non-Executive Director.
Barry Mence, Chairman, commented: “With a solid revenue base already in place for 2021, plus our strong balance sheet, a superb customer base and a team of great people – I am confident that Sopheon has a great future, and that the SaaS transition is exactly the right strategy to pursue. The board is excited to be appointing Greg Coticchia as CEO – he is already having significant impact on the business, and his experience and track record in software and innovation are invaluable. I can think of no better person than Andy Michuda for the role of Executive Chairman. My own commitment to Sopheon is undimmed, and I will remain a non-executive director and major shareholder in the company as we go through this exciting new chapter in the Sopheon story. We also continue to believe in sharing success with shareholders, and I am therefore pleased to announce that we will again maintain our dividend at 3.25p per share.”
For further information contact:
Barry Mence (Chairman)
Arif Karimjee (CFO) Sopheon plc + 44 (0) 1276 919 560
Bertus S.