IQGeo Group Shares Rise After Full-Year Earnings Exceed Expectations

IQGeo Group Shares Rise After Full-Year Earnings Exceed Expectations

IQGeo Group shares rose after the company said it expects full-year earnings ahead of current market expectations, reflecting sustained and strong growth and momentum across all key metrics.

Shares at 1148 GMT on Monday were up 318.0 pence, or 14%, at 40 pence. Over the past 12 months, shares were up 54%.

The London-listed geospatial-software developer said that group revenue for the year ended Dec. 31 is expected to exceed 44.2 million pounds ($56.4 million) compared with GBP26.6 million for the same period a year earlier, representing 66% growth and 56% organic growth.

Adjusted earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics that strips out exceptional and other one-off items–is expected to exceed GBP6.4 million compared with GBP1.9 million, driven by significant investment in the group’s global operational, sales and marketing capabilities, the company added.

The group’s recurring revenue base increased with exit annual recurring revenue at approximately GBP21.1 million, representing 50% growth on a constant currency basis, the company added, while expecting 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,” Chief Executive Richard Petti said.

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