Software provider surges ahead

UPDATE 2

THE World Health Organisation’s annual meetings are weighty affairs, attended by thousands of people. Personal attendance was not really an option this year but the event went ahead anyway, with Covid-19 top of the agenda.

Delegates participated digitally and collaborated on documents using software from AIM-traded

Ideagen, an IT firm based in Nott i ngham. Midas recommended Ideagen in 2014 when the shares were 33p. They have risen more than fivefold since to £1.80, paying annual dividends along the way.

The group specialises in software that helps companies to meet regulations, quality control and compliance. Most customers take out long-term contracts with Ideagen so around 80 per cent of revenues are recurring, which makes the group more resilient than most, particularly in uncertain times.

There are more than 6,000 customers worldwide, including seven of the UK’s top accounting firms and more than three-quarters of the world’s leading drug groups.

AstraZeneca is a client, as well as hundreds of hospitals, which use Ideagen software to monitor quality control in radiology departments and laboratories.

The UK is a world leader in this area and i nterest i n Ideagen’s toolkit has surged in recent months, with enquiries coming from America and t he Middle East in particular.

Group revenues are expected to increase by 21 per cent to £57 million in the year to April 30, 2020, with profits up 18 per cent to £14.5 million.

Ideagen ploughs most of its cash back into the business but chief executive Ben Dorks is committed to paying dividends and 0.3p is forecast for the year just ended.

Traded on: AIM Ticker: IDEA Contact: ideagen.com or 01629 699100