Gresham reports solid first half, maintains guidance

Mark Johnson's picture

Gresham Technologies, the London-based software and services company, has reported a solid set of results for the first half of the year.

The company, which specialises in providing real-time data integrity and control solutions, reported a 29% rise in like-for-like revenue to £12.4m for the six months to the end of June in its unaudited results.

In line performance

The company, which is also listed on the London Stock Exchange’s Alternative Investment Market, for smaller companies, said adjusted earnings before interest, tax and other charges was set to be “substantially higher than the same period in 2018” and remains in line with management expectations for the full year

During the period, the Group made good progress against its stated strategy by announcing four strategically important Clareti wins, one of which was with a new name customer and three of which involved existing customers. 

Each of these wins has a contract software value exceeding £1m and, collectively, they represent a combined value in excess of £7.8m over the respective committed terms. 

In addition, the firm won five further new name Clareti customers and secured a number of chargeable upgrades in the period.

"This has been an excellent first half with strong Clareti subscription growth driven by four strategic wins and a solid run rate of smaller new deals and customer upgrades”, said 

Ian Manocha, CEO.

“We have made good progress with each of our three Clareti go-to-market initiatives: data integrity and control; regulatory data quality; and cash management and payments solutions, and there is good momentum in the business as we enter the second half."

The company’s shares were trading 2.2% higher at £1.15 in London on Thursday morning.

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