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Blue Prism's losses widen

The software company achieved strong top-line growth, but coronavirus led to delayed pipeline conversions and smaller deal sizes
Blue Prism's losses widen

Blue Prism’s (PRSM) shares pulled back sharply on news that half-year statutory losses had widened, even though operating expenses had narrowed as a proportion of revenue. The software group, which specialises in robotic process automation (RPA), said that its exit monthly recurring revenue (MRR) growth rate was adversely impacted by the coronavirus, with more cautious clients leading to delayed pipeline conversions. But its customers have stuck around: the group posted a net retention rate of 110 per cent, as it continued to push its upsells, which represented almost two-thirds of the growth in MRR.  

IC TIP: Hold at 1150p

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