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Sopheon januari 2021

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  1. Bertus S 25 januari 2021 08:06
    Trading Update

    Sopheon, the international provider of software and services for Enterprise Innovation Management solutions, provides the following trading update for the year ended 31 December 2020.

    As in prior years, the final quarter was the strongest of the year for the Group, and in fact stronger than 2019, despite the resurgence of Covid concerns globally. We are pleased to report ongoing commercial traction and material progress in two strategic areas of focus: migration to a Software as a Service (“SaaS”) recurring revenue model – giving both enhanced revenue visibility to future periods and improved quality of earnings – and landing large enterprise class contracts with major companies.

    Total contract value (“TCV”) of signed SaaS business grew 274% year on year, due to rapid adoption by our sales teams of the SaaS model for new customers, as well as converting some existing perpetual customers. Annual Recurring Revenue (“ARR”) gross retention for the year remained respectable, at 91.5% (2019: 94.2%) but this represented greater than normal attrition, which is unsurprising given the challenging market conditions for some customers last year. Overall, the TCV of all sales bookings increased by 23% year on year, but the shift of emphasis from perpetual to multi-year SaaS means that most of this revenue will be recognized over time, rather than in the year of sale. New wins included global brands such as DuPont and LG, alongside previously announced Mondelez and Orion. Six of our new customers had initial deal value at $1m or more, compared to just one in 2019, underlining material traction with enterprise sales even in these difficult times.

    We expect that revenue for the year ended 31 December 2020 will be approximately $30m, in line with our 2019 performance. ARR is expected to rise to $18m (2019: $15.9m). This, coupled with a substantial order book of services, means that revenue visibility1 for 2021 is already at $22m (2019: $18.9m) giving cause for optimism regarding the year ahead.

    Adjusted EBITDA is expected to be in the region of $5.6m (2019: $6.4m). Net cash on 31 December 2020 was $21.6m (2019: $19.4m), demonstrating the cash generative nature of the business as well as the robust balance sheet. As noted previously, billing seasonality means that this number should rise in the early part of 2021. In addition, costs reflect initial investments in a native cloud platform to enable new SaaS products, that will take us into new market segments. This was in parallel with further investments in our enterprise Accolade platform. These initiatives will continue in 2021.

    Financial expectations noted above are preliminary, and subject to year-end financial close and audit review processes. In line with our normal reporting schedule, Sopheon plans to issue its results for the year ended 31 December 2020 on 24 March 2021.

    Sopheon’s Chairman, Barry Mence said: “I’m very proud that Sopheon has been able to match prior year revenue and grow total sales bookings in such a difficult global climate. We’ve done this while simultaneously embarking on a migration of our business from up-front perpetual license sales to a SaaS subscription model – leading to a solid increase in recurring revenues, and providing greater visibility to future years. We believe we have a substantial opportunity ahead of us, and our strong balance sheet gives us the confidence to maintain ambitious investment plans through the pandemic and beyond.”

    For Further Information Contact:

    Barry Mence, Chairman
    Arif Karimjee, CFO Sopheon plc + 44 (0) 1276 919 560

    Bertus S.
  2. tritace 25 januari 2021 09:34
    Vind ik ook ...en Finncap ook

    So consistent for FY20 and so good for FY21

    Sopheon’s trading update for 4Q and FY20 demonstrates typical year-end strength to finish off a stable FY20 despite COVID effects which had led to suspension of forecasts.
    With the increased proportion of SaaS new contract wins, ARR grew 13% to $18m (FY19: $15.9m) while total TCV won in the year (SaaS and licences) grew 23%, demonstrating very strong ongoing order momentum.
    While FY20 was affected by COVID in delaying customer decision making, and increasing gross churn from 5.8% to 8.5% (still a low level which listed peers can only dream of), nevertheless revenue remained robust at $30m (FY19: $30m), and EBITDA laudable at $5.6m ($6.4m), accommodating both the planned increase in investment and protracted SaaS revenue recognition.

    Net cash at year end of $21.6m ($19.4m) continues to enable the board’s positive strategic choices including increased R&D. Most importantly, as the business transitions from licences to a licence / subscription mix, total orders were are at record levels including SaaS TCV of orders in the period +274%, leading visibility of full-year revenue for FY21 to a record $22m so early in the year, +16% vs January 2020 ($18.9m).

    We look forward to finals for more detail to re-introduce FY21 forecasts, with our 1200p reiterated with the evidence of both order strength and a return to normality.
    1: Deal sizes: the growth in TCV of 23% includes SaaS TCV growth of 274% but also a higher number of new customers with initial deal values >$1m – six during FY20, compared with one during FY19, demonstrating product credibility and momentum. New customers included global brands such as Mondelez and Orion, as previously disclosed, and also DuPont and LG.

    2: The metrics for the company have always been afforded reassurance by the visibility of revenue, including services. Visibility currently stands at $22m for FY21, including the benefit of ARR of $18m; and we expect the transition of the focus for KPIs (and ultimately valuation) to ARR and TCV. The TCV growth, which comprises the total value of licences and contracted maintenance fees & professional services as well as multi-year SaaS contracts, represents a measure of momentum even during transition:
    23% growth is very positive and we look forward to detail.

    3:We restore FY20 expectations with guidance of $30m revenue, $5.6m adj EBITDA, and $21.6m cash (no debt) showing robust performance in the face of the pandemic. The stock is trading on 3.5x FY20 EV / Sales in a year of suppressed sales.

    Price 865.0p
    Target price 1,200.0p
    Upside 39%
  3. Gartje 25 januari 2021 11:29
    Barry Mence, de voorzitter van Sopheon, zei: "Ik ben erg trots dat Sopheon in staat is geweest om de inkomsten van voorgaande jaren te evenaren en de totale verkoopboekingen te laten groeien in zo'n moeilijk mondiaal klimaat. We hebben dit gedaan terwijl we tegelijkertijd begonnen met een migratie van ons bedrijf van doorlopende verkoop van licenties vooraf aan een SaaS-abonnementsmodel, wat leidt tot een stevige stijging van de terugkerende inkomsten en meer zichtbaarheid voor toekomstige jaren. We denken dat we een aanzienlijke kans voor ons hebben, en onze sterke balans geeft ons het vertrouwen om handhaven van ambitieuze investeringsplannen tijdens de pandemie en daarna. "

    Dus op naar 2021 en 2022, en anders zal ik het met mijn aow moeten doen;-))
  4. tritace 27 januari 2021 16:52
    Toch wel een interessante quote volgens mij

    Sopheon’s Chairman, Barry Mence said: “...............We believe we have a substantial opportunity ahead of us, and our strong balance sheet gives us the confidence to maintain ambitious investment plans through the pandemic and beyond.”
  5. Bertus S 28 januari 2021 08:03
    Sopheon and Australian Partner Prodex Systems Extend CPG Innovation Leadership with the J. R. Simplot Company Contract
    Sopheon and Prodex Systems team up to enable innovation governance and portfolio prioritization for the global food and agribusiness firm

    Sopheon, an international global leader in enterprise innovation management solutions, and its consulting partner Prodex Systems Australasia will automate and accelerate innovation at the J. R. Simplot Company, the global food and agribusiness firm. Sopheon and Prodex will collaborate to deploy Sopheon’s Accolade® platform at Simplot, beginning with its Simplot Australia division. The goal of Simplot’s deployment is to reduce innovation risk and increase the likelihood of new product successes via the adoption of Sopheon Stage-Gate® best practices.

    According to Angeline Achariya, Executive Director of Innovation & Growth at Simplot Australia Proprietary Ltd., “At Simplot, we are committed to a strategy to accelerate growth in EBIT through significant increases in contribution from New Product Introductions. Simplot undertook a rigorous search for the appropriate software platform and partner to support ambitious growth goals.”

    The first phase of deployment will provide full enterprise capabilities in innovation governance. Simplot selected Sopheon’s software platform for its advanced capabilities in innovation planning and roadmapping, and the ability to align targeted ideation campaigns with strategic planning gaps. These foundational capabilities will streamline Simplot’s innovation processes and drive the adoption of scalable, enterprise-wide process standards, improving efficiency, time to market, and portfolio success.

    Sopheon CEO, Andy Michuda, added: “We are excited to include Simplot in our growing Sopheon family of food and agribusiness clients, and are delighted to team with our long-time partner Prodex to enable Simplot’s global innovation transformation. This contract aligns well with Sopheon’s objective to expand our user base in the Australasian region.”

    Prodex Systems Managing Director, Gerard Ryan, added: “Prodex has been a supplier to Simplot Australia for over 10 years. Sopheon has deep domain expertise, and a great depth of configurability in the Accolade software, a common requirement of large, global consumer goods firms. We look forward to growing our partnership with Simplot, and to helping them achieve their impressive growth goals for many years to come.”

    For Further Information Contact:

    Barry Mence, Chairman
    Arif Karimjee, CFO Sopheon plc + 44 (0) 1276 919 560

    Bertus S.
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