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IQGeo Group PLC on Wednesday said it expects to meet growing demand, as it reported a swing to profit on the back of significantly higher revenue.
IQGeo is a Cambridge, England-based provider of geospatial productivity and collaboration software for the telecoms and utility industries.
It reported a swing to pretax profit of £57,000 in 2023, from a loss of £1.8 million in 2022.
Revenue surged 67% to £44.5 million from £26.6 million.
Chair Paul Taylor said: ‘We have remained focussed on our industry segments, developing our products and people aimed at addressing the pressing industry needs for integrated network and adaptive grid solutions in the telecom and utility sectors. These industries have continued to grow and demand modern tools to solve new and existing problems.’
He added: ‘Our new customer wins and retention rates across all our markets from global blue-chip customers to smaller regional providers remain very high. In addition many of those same customers continue to expand the number of software users and range of products and applications. All of which provides positive testament to our strategy.’
Cost of sales increased by 62% to £17.8 million from £10.9 million, while operating expenses increased 52% to £26.2 million from £17.2 million.
The company said that it was not yet appropriate to start paying dividends.
Looking ahead, Chair Taylor said: ‘Against a backdrop of fast growing markets opportunities, a talented organisation, and a set of strong financial attributes, we remain confident that we can continue to meet growing market demand.’
IQGeo shares rose 4.9% to 404.00 pence each on Wednesday afternoon in London.
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