So far so good for compliance-based information management supplier Ideagen, which provided its first update since listing on AIM in July (see Ideagen joins AIM). Trading in the six months to 31 October was ‘comfortably in line' with expectations and management are confident in meeting their FY targets.
At the end of October, Ideagen had net cash of £1.2m after paying down the costs of admission to AIM and deferred payments on acquisitions (see Ideagen acquires Proctis – and a hefty US contract). Since then, it has also signed off on year two of its contract with the US Department of Veterans Affairs worth $1.65m (c£1m) – 70% of which is to be recognised in the current year.
Ideagen’s focus on the capture, storage, retrieval and distribution of unstructured information is proving popular with investors. Its shares have risen c20% since their July launch.