Blue Prism Group (PRSM) saw sales almost double during 2019 according to its final results released on Thursday.
The robotic process automation software company reported revenues of £101 million, an 83% increase from £55.2 million in the prior year, with recurring licence revenue accounting for 96% of the revenues.
The company said that upselling in the second half of 2019 saw record quarters across each of its key geographies, and closed the year end with 1677 customers, up from 992 in the previous year.
Blue Prism widened its adjusted loss to £71.9 million, up from £21.6 million and had negative operating cash flow of £57.9 million, up from £5.4 million.
The company however revised its profit guidance for 2020 upwards and said that the investments it made during 2018 and 2019 were paying off.
Shares jumped 22.28% higher to £15.04 during Thursday morning trading
Executive Chairman Jason Kingdon commented: "We have made excellent progress in operations and financial performance during 2019, with revenue and MRR exceeding the levels guided to in our trading update in November.”
“Our enterprise customer base has grown significantly and our track record of upselling remains very encouraging. This upselling capability generated record quarters in each of our key geographies in the second half of the year, with increases in both volume and sizes of upsells.”
“The increasing momentum we have seen as the year progressed reflects the investments we made during 2018 and we expect this to continue, as our 2019 investment programme begins to show returns.”
“Following this investment the business is well positioned to take advantage of the significant opportunity its enterprise focused RPA represents. Blue Prism's differentiated role as the partner for enterprise grade RPA is increasingly demonstrated by our high quality customer base and this underpins our confidence in the future."
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