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(Sharecast News) - AdvancedAdvT reported strong full-year results to 28 February on Monday, delivering revenue of £43.3m, more than double the £21.1m generated in the prior eight-month period.
Recurring revenue accounted for 80.3% of the total at £34.8m.
Adjusted EBITDA rose to £11.3m, comfortably ahead of management expectations, while pre-tax profit from continuing operations reached £11.3m, up from £5.1m.
Basic earnings per share were 8p, compared to 5p previously.
The AIM-traded group said it ended the year with £109.5m in cash and cash equivalents, including £88.5m in cash and a £21m investment in M&C Saatchi, leaving it well-positioned to pursue further growth.
On a proforma basis, organic revenue grew 17.8%, with adjusted EBITDA up 90%, driven by operational improvements and a series of multi-year contract renewals.
AdvancedAdvT continued its acquisition strategy, completing the purchase of intelligent process automation platform Celaton for £4.8m in July last year.
After the period ended, it acquired workforce management software-as-a-service provider HFX for £5.3m and GOSS Technology, a digital platform serving public sector clients, for £7.1m.
"The group is experiencing good revenue and EBITDA growth, with pro forma revenue up 17.8% and adjusted EBITDA increasing by 90%," said executive chair Vin Murria.
"This performance is being driven by better operational focus, the expansion of multi-year contracts, and the positive momentum from customers embracing the benefits of digital transformation and choosing us to support their strategic delivery."
Murria added that the company saw "good opportunity" for business growth, particularly with AI, automation and software-as-a-service offerings, to support the "digital journey and transformation" of customers.
"Having completed three small acquisitions, the group retains £109.5m of cash and cash equivalents to further drive organic and acquisitive growth."
At 1204 BST, shares in AdvancedAdvT were flat at 165p.
Reporting by Josh White for Sharecast.com.
