IQGeo Group anticipating "much higher growth in software revenues"
London, UK
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October 16, 2023 07:56 AM Eastern Daylight Time
IQGeo Group PLC (AIM:IQG) chief executive Richard Petti and chief financial officer Haywood Chapman speak to Thomas Warner from Proactive after releasing the software developer's half-year report for the six months to 30 June 2023.
Petti starts by addressing the Group's acquisition of fewer new clients compared to previous years, highlighting that the company's revenues surged by 123% to over £20mln, with 83% of that increase attributed to organic growth. Petti highlighted the success of their "land and expand" strategy, emphasising long-term relationships and continuous upselling to existing customers.
Chapman confirms the successful integration of recent acquisition Comsof NV, which has enabled them to secure a significant contract with a tier-one national utility provider in southern Europe, valued at €8.6mln over six years. Petti also introduced their new "editions strategy" this summer, aiming to cater to the diverse needs of their customer base, ranging from global telcos to private network operators.
This strategy offers three editions of their product, ensuring each customer type receives an experience tailored to their requirements. Addressing growth predictions, Chapman acknowledges a market forecast of 8% growth for the next year but emphasises a shift in their strategy that will focus on higher-margin software revenues, potentially leading to a 48% growth in their adjusted EBITDA. The duo remains optimistic about IQGeo's competitive edge and future growth prospects.
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