TIDMPRSM
RNS Number : 4967F
Blue Prism Group PLC
17 November 2020
17 November 2020
Blue Prism Group plc
('Blue Prism' or 'the Company' or 'the Group')
Strong performance delivers 40% revenue growth in line with
consensus expectations
TRADING UPDATE
Blue Prism (AIM: PRSM) a global leader in Intelligent Automation
is pleased to announce a strong full year performance despite
COVID-19 headwinds. Full year bookings of GBP180m contributed to an
expected 40% growth in revenues in line with consensus expectations
[1] .
At 31 October 2020 the Group had around GBP310m in Remaining
Performance Obligations (RPO) [2] demonstrating a significant
year-on-year growth in the level of ongoing customer commitments.
The increase in customer commitments was driven by total bookings
of GBP180m, 60% of which was secured in the second half and GBP122m
of which represented new business from new customers and
upsells.
Blue Prism Cloud saw a very strong 147% growth in bookings and
now contributes around 17% of the new bookings achieved by the
Group. We also saw large and more strategic commitments to Blue
Prism Cloud as part of large enterprise adoption of this delivery
format. Large, long-term upsell deals secured during the year
underpin the strategic role of the digital workforce for customers,
increasingly seen as a form of "cybershoring" - a technology
alternative to off-shoring and outsourcing.
The customer base continues to be diverse in geography and
sector, with a revenue split of 41% from the Americas, 47% from
EMEA and 12% from APAC. Customers derive from over 70 commercial
verticals, further demonstrating the breadth of use cases and
versatility of the product category.
Our customers are broadening the use of the digital workforce
across different business lines too, using the digital worker as a
focal point in intelligent automation, with increasingly complex
process lines automated in their entirety. This is also seen as the
means to improve organisational resilience, drive efficiency and
generate future revenues. We have also made several important
product releases and enhancements over the period underscoring our
commitment to innovation, AI and software robots that can match and
exceed their human counterparts.
We are encouraged by the positive momentum seen in the second
half and see a strong pipeline, which closed significantly stronger
than at the same point last year . While the macro environment
remains uncertain, we remain confident in our ability to deliver
good long-term growth.
Sales progress
The Group added over 490 new customers during 2020 while
maintaining a gross revenue retention rate of around 98%.
The total customer base at 31 October 2020 was over 2,000 (2019:
1,677), providing an increased foundation to build on in future
periods with further upselling.
Upselling activity showed early signs of recovery in the second
half of 2020 driving full year net revenue retention rate to
improve to 113% (from 110% in the first half of 2020). Over a third
of the customer base at the year-end 2019 added extra licences to
their digital workforce during the year.
Financial progress
Full year impact of FY19 exit run-rate, strong revenue
retention, and new business drove a strong financial performance
for the financial year ended 31 October 2020. Revenues for the year
are expected to be in line with consensus expectations (1) ,
implying a growth rate of around 40% for the year.
The Group closed the year with around GBP154m in annual
recurring revenues (ARR) (monthly recurring revenues of around
GBP12.8m).
The Group now expects the adjusted EBITDA loss to be better than
consensus estimates (1) . The Group ended the period with a closing
cash position of GBP137.6m. (1H20: GBP140.8m)
Corporate strategy
The Board have begun exploring a potential secondary listing in
the United States. No decisions regarding the terms or timing of a
potential secondary listing have been made, and there is no
certainty that a US listing will take place.
Jason Kingdon, Chairman and CEO, commented:
"I am very pleased with the resilience and strength our business
has shown through the extraordinary events of 2020. In the second
half we have seen strong revenue retention with an acceleration in
new business signed, particularly from Blue Prism Cloud. I am very
pleased with the level of innovation from the Company too - with a
step change in product releases and enhancements. This includes
platform upgrades, Blue Prism Accelerators for use with SAP(R) ERP
and Interact, offering enhanced "human-in-the-loop" capabilities
for secure, scalable and enterprise attended automation. We exit
the financial year with a strong pipeline, underpinning our belief
that intelligent automation will be key to driving recovery across
enterprises of all sizes.
The team are also very proud that our digital workforce helped
on the front lines of the health emergency around the globe. We
donated significant numbers of digital workers and associated
resources to healthcare, government, education, and financial
services organisations and non-profits so they could use our
technology for public benefit.
We also continue to make progress towards cash break-even during
2021 and reassert our commitment to this."
Full Year results
Blue Prism will report its financial results for the year ended
31 October 2020 on Thursday, 14 January 2021. Conference call
details for analysts and investors will be made available in due
course.
CONTACT DETAILS
For further information please contact:
Blue Prism Group plc
Tom Hull, Head of Investor Relations +44 (0)77 3670 7407
BofA Securities +44 (0)20 7628 1000
James Robertson
Oliver Elias
Investec Bank plc +44 (0)20 7597 5970
Andrew Pinder
Sebastian Lawrence
Carlton Nelson
Ben Griffiths
Brunswick +44 (0)20 7404 5959
Caroline Daniel
Rosie Oddy
ABOUT BLUE PRISM
Blue Prism is a global leader in intelligent automation for the
enterprise, transforming the way work is done. At Blue Prism, we
have users across the globe in more than 2,000 businesses,
including Fortune 500 and public sector organizations, that are
creating value with new ways of working, unlocking efficiencies,
and returning millions of hours of work back into their businesses.
Our Digital Workforce is smart, secure, scalable and accessible to
all; freeing up humans to re-imagine work.
SAP(R) is the trademark or registered trademark of SAP SE or its
affiliates in Germany and in several other countries.
"Blue Prism" is the trademark or registered trademark of Blue
Prism Limited and its affiliates. All Rights Reserved.
To learn more visit www.blueprism.com and follow us on Twitter
@blue_prism and on LinkedIn .
[1] The Board understands consensus estimates for the financial
year ended 31 October 2020 to be revenues of GBP141.7m and EBITDA
loss of GBP(55.2)m
[2] RPO is the total of on and off-balance sheet deferred revenues.
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END
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