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Blue Prism revenues surge 155%

Thursday, 25th January 2018
Blue Prism, a provider of robotic process automation (RPA) software, grew its revenue by 155% to £24.5m in the year ended 31 October 2017.

This was driven by sales from both new and existing customers.

Sales momentum built throughout the year such that the firm's exit run-rate (monthly recognised, recurring license revenue) stood at £2.8m per month compared with £0.95m per month the year before.

EBITDA losses for the period almost doubled to £9.4m from £5.2m due to continued investment in expansion.

Cash and cash equivalents at 31 October 2017 were £16.3m (31 October 2016: £11.8m).

Gary Johnson, chief financial officer, has retired from his role and board position and is succeeded by Ijoma Maluza, who joined the group on 18 December 2017.

Alastair Bathgate, CEO, said: "We are fast approaching the second anniversary of Blue Prism's admission to AIM and these results show just how far we have come in a short period of time. The significant sales momentum we have seen this year and the 609 software deals we have signed - more than three times the number signed in the prior year - underscores our confidence in our product and the market's readiness to engage in the potential of RPA.

"As we move in to the new financial year, we will continue to focus on the many ways in which this commercial momentum is being driven."

Bathgate added that the group has had a strong start to the first quarter of FY18 and expects revenues for the full financial year to be comfortably ahead of existing market expectations.

The company has announced a proposed placing to raise approximately £40 million (before expenses) in order to support the group's global growth.

At 9:25am: (LON:PRSM) Blue Prism Group Plc share price was -19p at 1331p

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