Raine WarrenIQGeo Group, a leading geospatial-software developer listed in London, has announced that its revenue for the first half of the year has more than doubled. The company credits this growth to increasing demand in its markets and expresses confidence in achieving its financial and operational targets for the rest of the year and beyond.
Impressive Financial Performance
IQGeo Group expects its revenue to exceed £20 million ($26.2 million) for the first half of 2022, compared to £9.2 million in the same period last year. The company has witnessed a significant rise in new annual recurring revenue intake, amounting to £3.3 million, as opposed to £1.9 million in the previous year.
Furthermore, total order intake has seen a substantial increase, reaching £22 million, up from £14.6 million in the corresponding period last year.
Positive Market Outlook
Richard Petti, CEO of IQGeo Group, highlights the resilient asset-investment dynamics in the telecoms and utilities markets they serve. Additionally, he emphasizes the long-term investments being made in fiber-optic networks and electric-grid modernization across their key markets.
Share Performance
IQGeo Group's shares were up 20 pence (6.6%) at 325 pence at 0702 GMT.
Leave A Reply
Your email address will not be published. Required fields are marked *