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Sopheon to pay dividend as revenue holds up in 'tough' environment

By BFN News | 09:23 AM | Friday 15 May, 2020

Enterprise software provider Sopheon pressed ahead with plans to pay its 2019 final dividend as its revenue holds up amid the Covid-19 crisis. The company said it had 'sufficient strength and optimism' to proceed with its declared dividend of 3.25p per share. Revenue visibility for 2020 now stood at $23.2m, it said, which was above last year at the same time. That outlook was underpinned by annual recurring revenue at $15.9m, it added. Net cash at the end of April was $21.8m. 'Clearly the market environment is tough, and though we are busy with several deals and we are signing business, sales cycles are extending,' Sopheon said. 'Projecting the impact that Covid-19 will have on customer conversion makes forecasting the future challenging, and we are therefore being prudent by withdrawing our market guidance for the 2020 financial year and beyond.' 'However, several vertical markets where Sopheon operates - food, beverage and consumables; chemicals; defense - are showing resilience to the crisis at present.' 'In addition, so far this year retention levels for annual recurring revenue have remained good, and as noted we are seeing orders restart from our existing customers, as their own operations settle down.' At 9:23am: (LON:SPE) Sopheon PLC share price was 0p at 700p Story provided by

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