Reading's ActiveOps looks to global markets as annual recurring revenue grows
ActiveOps, which has a base in Reading, and provides software solutions for back-office operations, saw 11% growth in its annual recurring revenue (ARR) for the year to end-March to £25.1 million.
Total revenue for the year came in at £26.8 million, up 5% compared to 2023, thanks mainly to increased recurring software-as-as-service (SaaS) revenues.
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The company revealed it swung to a pre-tax profit of £1 million, compared to a loss of £0.2million in its 2023 year, as it continues to focus on developing advanced AI-based product features and prudently managing costs.
"As we look back on FY24, and consider the way ahead, we do so with an increased sense of confidence," said CEO, Richard Jeffery in a stock market statement.
"The investments into our product and marketing capabilities are delivering demonstrable returns, particularly in terms of strong expansion with existing customers and high retention rates.
"The ability of our products to blend AI and human intelligence with information drawn from other applications to deliver powerful insights is resonating more than ever."
Jeffery told investors that ActiveOps was now "well placed" to invest in its global sales operation to replicate the success on a wider basis.
Net revenue retention (NRR), the percentage of recurring revenue retained from existing customers, was 107%, while 82% of customers increased or maintained ARR, including 27% who increased ARR by 20% or more.
Other highlights in the year included securing three significant ControliQ enterprise contracts following thorough and competitive RFP processes and total CaseWorkiQ ARR growth of 95%.
The company is debt free and the balance sheet remains strong with £17.6m cash and cash investments (2023: £15.4m).
Looking ahead, the group said that, as well as expanding across the existing base, it aimed to accelerate the acquisition of key new logos and growth in both the APAC and North America regions, where it was seeing "large opportunities to expand"
