What it does
Very simply, the firm’s system ingests data to create a geospatially correct digital twin of a network that can be used by thousands of employees.
Not only that, but its functionality is also such that the mobile-first system can be used by maintenance technicians, sales, and even the accounts department.
How it is doing
In the year ended December 31, 2020, the geospatial software group expects revenues to be no less than £9mln, up from £7.8mln in the prior year, while its adjusted loss is forecast to narrow to £2.5mln from £4.8mln.
Own-product revenues are estimated to grow by a third after product orders expanded 42%, as the firm said its strategy of converting the business to a recurring revenue model is continuing to show “positive momentum” with 35% of revenues now recurring compared to 21% in 2019.
Looking ahead, the AIM-listed firm noted that it is continuing to see “strong market demand”, which it said reflected the fact that both the telecoms and utilities markets have been less affected than others by the pandemic, and that the return on investment from its software to customers meant it remains “highly attractive” in its target markets.
What the boss says: Richard Petti, chief executive
“The results for the year are very positive and show considerable progress as we continue the journey of building a high recurring revenue software business.”
“The strong balance sheet at the year-end, significantly increased annualised recurring revenue exit run rate, closing order book of approximately £8.2mln (2019: £5.1mln) and positive trading momentum during 2020 will be added to by the recent acquisition of OSPI and funds from the disposal of the remainder of the RTLS business and will enable us to enter 2021 with confidence.”