It would be an understatement to say Blue Prism’s (PRSM) share price has escalated since its 2016 IPO. Shares in the robotic process automation specialist have climbed over 340 per cent in the past 12 months alone. So the company’s full-year trading update was keenly anticipated.
Second-half sales momentum was strong, with 400 software deals secured – including 206 new customers, 181 upsells to current customers and 13 renewals. Bosses now expect full-year revenues to be “comfortably ahead of current consensus expectations”, cited as £21.8m, while cash losses are expected to be in line with consensus expectations of £7.3m.
Chief executive Alastair Bathgate notes that around three-quarters of the group’s investment goes into sales and marketing, and sales teams require initial expenditure before becoming more productive over time. We also learnt that chief financial officer Gary Johnson will retire – replaced by Ijoma Maluza, who will arrive in December to facilitate the handover.
