Dunston-based eg solutions raises revenue forecast
Staffordshire back office software business eg solutions has said it expects results to come in ahead of market expectations, raising its forecasts for revenue and profit.
In a trading update the company, based at Dunston near Stafford, says it now anticipates revenue for the year to January 31 2018 to come in at £10.5 million, up from £8.2 million last year.
Adjusted EBITDA is now expected to be at least £1.9 million, compared with £1.2m million.
In a statement the company, run by businesswoman Elizabeth Gooch, said: "The Group is pleased to report that trading in the first half of the financial year has been strong."
It added: "Contracted orders of revenues to be recognised beyond the current financial year end have also increased by a further 14 per cent to not less than £21.1 million (January 31, 2017: £18.5 million) due to the increase in sales of the group's managed cloud services, contracts for which are longer term in nature."
Shares jumped by more than 14 per cent on the news.
The update comes ahead of the company publishing its interim results for the six months ended July 31.
