A prominent technology firm based in Warrington has unveiled its plan to amass £100 million by issuing new shares on the AIM market of the London Stock Exchange.
The company has reported a substantial 125% surge in revenues for the financial year concluding on 31st October 2018, marking an exceptional phase of growth.
Significant Revenue Increase
The Warrington-based enterprise, renowned globally for its role in Robotic Process Automation (RPA), has showcased remarkable financial growth. For the financial year ending on 31st October 2018, it reported an impressive 125% increment in revenues.
Total revenues witnessed a climb from £24.5 million to £55.2 million. Concurrently, the company’s monthly recurring revenue doubled, moving from £2.8 million to £5.6 million, signalling a strong new business run-rate throughout the year.
Investment and Expanding Losses
The firm’s adjusted EBITDA losses increased to £21.6 million from £8.3 million in the previous year. This rise in losses is attributed to significant investments in sales, marketing, and ongoing product development.
Such investments are viewed as essential steps to fortify the company’s market proposition and spearhead its expansion. The previous £40 million raised in January was credited for this rapid growth and is set to be followed by further investments.
Planned Allocation of New Funds
The company has clear plans for the proposed £100 million funding. It aims to channel these new funds towards accelerating global growth and strengthening its financial standing.
CEO Alastair Bathgate said, ‘The funds raised a year ago have enabled us to expand our global reach and reinforce our competitive advantage through exciting innovations like the Digital Exchange.’
The organisation believes that these new investments will bolster their mission to innovate and support the next phase of global proliferation.
Market Opportunity and Future Projections
According to the CEO, Alastair Bathgate, the company is positioned to capitalise on significant market opportunities. He noted the advancements made in scaling and developing the business over the past year.
‘We have continued to build a high-quality, software licence revenue-base which provides a solid platform for future growth,’ commented Bathgate. The focus remains on fostering revenue growth through new business development, product innovation, and investments in personnel.
Product and Technological Innovations
The company’s technological advancements, such as their Digital Exchange, have been pivotal. This online marketplace enhances their competitive stance globally.
Furthermore, the firm continues to help both new and existing customers derive significant value from its transformative RPA technology.
The innovations introduced have not only expanded their product portfolio but have also cemented their competitive edge in the market.
Financial Advisory and Strategic Moves
Investec Bank is acting as the financial adviser for this proposed placement of new shares, ensuring that the capital raised is managed strategically.
The firm’s well-planned investments and financial strategies are crucial elements driving its sustained growth and market position.
Conclusion of Growth Announcement
The announcement reflects a period of strategic investments and impressive revenue growth, underpinning the company’s success.
With clear plans for the new funds raised, the firm is poised to sustain its growth trajectory and sharpen its competitive edge in the global market.
As the Warrington-based technology firm strides towards raising £100 million, its significant revenue growth and strategic investments underscore a promising future.
The firm’s dedication to innovation and market expansion positions it well for continued success and industry leadership.