AGM statement notes continued momentum
Sopheon’s AGM statement highlights trading so far in 2018 which reflects the continuation of the strong performance seen in 2017 into the current year. The company also completed an oversubscribed secondary placing in May which broadened its institutional shareholder base. Sopheon continues to add new clients and to improve revenue visibility through growing recurring revenue streams. The announcement reiterates that the Group will consider suitable acquisitions to augment its good organic growth. The outlook statement is, unsurprisingly, positive with the Board both ‘confident’ and ‘enthusiastic’ about the outturn for 2018 and delivery on its strategy. We have already taken account of the Group’s ‘ambitious’ investment plans in our conservative Adjusted EBITDA estimate of U$7 million for FY 2018E. Consequently, we leave estimates unchanged, noting that trading so far in 2018 appears supportive of our numbers.