incadea plc (INCA) Snapshot

Incadea Plc, Annual General Meeting, Jun 19, 2013., at 09:30 GMT Standard Time. Location: K&L Gates LLP.

incadea plc announced that it has signed an exclusive 5-year agreement worth USD several million, with a global US car manufacturer (OEM), for a major Asian market. Under the agreement, incadea will roll out its latest-generation software solutions to the OEM's dealer network.

Incadea Plc announced audited consolidated earnings results for the year ended December 31, 2012. For the year, the company reported revenue of €29.3 million against €19.6 million a year ago. The company’s robust performance for the year is mirrored in the growing size, the increasing geographic spread of the business and significantly growing the recurring revenue element of business. EBITDA was €6.4 million against €3.1 million a year ago. Profit before tax was €4.8 million against €1.8 million a year ago. Profit for the year attributable to owners of the parent was €3.54 million against €1.26 million a year ago. Diluted EPS was €0.078 against €0.0322 a year ago. Normalised EBITDA was €7.1 million against €3.1 million a year ago. Normalised profit before tax was €5.5 million against €3.1 million a year ago. Cash generated from operations amounted to €1.2 million against €2.0 million in 2011, with the decrease stemming mainly from increased working capital requirements. Operating profit was €4.74 million against €2.02 million a year ago. Net profit from continuing operations was €3.54 million against €1.26 million for the same period a year ago. Purchase of intangible assets, property and equipment was €1.13 million against €0.523 million a year ago. Key drivers for the financial performance in 2013 include: continuing to strengthen the position in existing and new geographic markets; establishing a direct presence in new countries including Brazil, Central America and Turkey; winning additional global OEM customers; commercialising incadea's new-generation products outside Europe with a growing contribution from SaaS revenues; growing recurrent revenues as incadea continues its transition to becoming a direct, full software and services provider; the company’s shift in business model from one-time licence revenues to annuity revenues being reflected in  SaaS and other recurrent revenues accounting for a significant and growing proportion of total revenues; and identifying value-enhancing M&A opportunities in line with the strategy of having direct control over the route to key markets. In 2013, SaaS revenues are estimated to be 10% of revenues but the company expects this proportion to grow substantially over the next three years.