Warrington’s Blue Prism has seen its revenue almost double to £101m (2018: £55.2m) for the last financial year.
However, its losses more than trebled from £(21.6)m in 2018, to £(71.9)m, with operating cash flow falling from £(5.4)m to £(57.9)m over the same period.
In the results, the Group stated that the reason for the negative figures was because it had made a number of investments to “expand globally via spend in sales and marketing” as well as product development. These were across the year, but they were weighted towards the second half.
It expected that these would “drive increased revenue in 2020 and beyond.”
“We have made excellent progress in operations and financial performance during 2019, with revenue and MRR exceeding the levels guided to in our trading update in November,” explained Executive Chairman, Jason Kingdon.
“Our enterprise customer base has grown significantly and our track record of upselling remains very encouraging. This upselling capability generated record quarters in each of our key geographies in the second half of the year, with increases in both volume and sizes of upsells. The increasing momentum we have seen as the year progressed reflects the investments we made during 2018 and we expect this to continue, as our 2019 investment programme begins to show returns. Following this investment the business is well positioned to take advantage of the significant opportunity its enterprise focused RPA represents. Blue Prism’s differentiated role as the
partner for enterprise grade RPA is increasingly demonstrated by our high quality customer base and this underpins our confidence in the future.”
