Thursday 6 May 2010
SOPHEON PLC
("Sopheon" or the "Company")
INTERIM MANAGEMENT STATEMENT
Sopheon plc, the international provider of software and services that improve
the financial return from innovation and product development investments,
announces its first interim management statement for the period since 1 January
2010 to the date of this announcement, in line with the requirements of the EU
Transparency Directive.
Sopheon has continued to add business since the end of last year, building on
the improved performance of the fourth quarter. Since the start of 2010, we
have closed 12 new and extension license orders. Business from existing
customers continues to hold up well. Revenue visibility for the full year from
contracted business and recurring revenue streams now stands at £5.6 million,
compared to £4.8 million on 24 March, the time of our last update. Total
reported revenue for 2009 was £8.3 million. Operating costs before R&D
capitalization were approximately £0.5 million lower in the first quarter of
2010 compared to the first quarter of 2009, reflecting the fact that cost
adjustments taken last year took effect in the second quarter. Gross cash
resources at the end of the first quarter of 2010 stood at £1.7 million.
The market is responding favourably to the new product enhancements that we
introduced in 2009. Since the start of the year we have continued to innovate
and deliver new solutions. Most recently, we announced the launch of
www.isustain.com in partnership with Cytec Industries and the Beyond Benign
Foundation. The site enables users to assess the sustainability of product
formulations through an iSUSTAIN Green Chemistry Index rating, which can be
independently certified if required. Users that wish to migrate beyond a basic
level of interaction with the site will be required to enter into paid-for
subscriptions.
Our sales pipeline continues to show encouraging activity, and suggests a
resurgent appetite amongst large corporations to make positive purchase
decisions where they perceive real business benefits. Predicting the timing and
value of individual sales remains challenging, which can inevitably impact on
the business performance. However, major analyst organisations like Forrester,
Gartner and IDC continue to see growing traction and opportunity in our chosen
market. In December 2009, Forrester noted increasing interest and investment in
project and portfolio management tools for product development (PPM) and in the
same month Gartner noted that software that supports product strategy and
planning is gaining attention as a segment of the product lifecycle management
(PLM) software market. Forrester also identified Sopheon as one of the clear
market share leaders in the PPM space.
For further information contact:
Barry Mence, Chairman Sopheon plc Tel : + 44 (0) 1483 685 735
Arif Karimjee, CFO Sopheon plc Tel : + 44 (0) 1483 685 735
Justine James / Hansard Communications Tel : + 44 (0) 20 7245 1100
Kirsty Corcoran
Floor van Maaren Citigate First Financial Tel : + 31 (0) 205 754 010
Catherine Leftley / Seymour Pierce Corporate Tel: +44 (0) 20 7107 8000
Jonathan Wright Finance
About Sopheon
Sopheon (LSE: SPE) is an international provider of software and services that
help organisations improve the business impact of product innovation. Sopheon's
solutions automate and govern the innovation process, enabling companies to
increase revenue and profits from new products. Sopheon's solutions are used by
industry leaders throughout the world, including BASF, Cadbury, Corning,
Electrolux, Honeywell, Motorola and SABMiller. Sopheon is listed on the AIM
Market of the London Stock Exchange and on the Euronext in the Netherlands. For
more information, please visit www.sopheon.com.
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