IQGeo Group, the London-listed geospatial-software developer, has announced that it expects to surpass full-year earnings projections, indicating robust and continuous growth across all key metrics. This upbeat news has driven shares up by 14% to 40 pence, reflecting a 54% increase over the past year.
For the year ended December 31, the company anticipates group revenue to surpass £44.2 million ($56.4 million), a significant rise compared to £26.6 million from the previous year. This represents an impressive 66% growth, with 56% of it being organic growth.
IQGeo Group’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), an important metric that excludes exceptional and one-off items, is projected to exceed £6.4 million, a substantial increase from £1.9 million. This surge is attributed to substantial investments made in the company’s global operational, sales, and marketing capabilities.
Additionally, the company reported an increase in its recurring revenue base, with exit annual recurring revenue standing at approximately £21.1 million, marking a constant currency growth rate of 50%. Moreover, IQGeo Group foresees further acceleration in recurring revenue growth in 2024.
“Our future is underpinned by global megatrends that will deliver long-term sustainable growth in our end markets for the next decade and beyond,” remarked Chief Executive Richard Petti.