AI firm Sidetrade announces doubled net profit

Posted on September 23, 2020 by Alistair Hardaker

SideTrade

Sidetrade, the AI platform built to optimise company revenue and cashflow, reports  record first half results, with income up 14% and net profit up 103%.

In the first half of 2020, Sidetrade’s operating profit improved by 94% to €1.3m.

Its first half also saw an additional €1.6m investment in additional sales and marketing resources (up 16%) to build future growth.

The circumstances of the pandemic generated €0.7m  in savings in the period it reports, due to decreases in travel expenses and sales bonuses.

Operating profit included a €0.9m research tax credit (vs. €1.0m in H1 2019), as well as €0.10M in activation of R&D costs (vs. €0.15 in H1 2019).

The AI firm, headquartered in France, has strong ties to the UK having announced a multi-million plan for a tech hub in Birmingham and last year appointed a Brit as its CTO.

Olivier Novasque, CEO of Sidetrade, said of the firm’s latest figures: “The Covid-19 crisis has revealed the soundness of our foundations and our sustained potential for development. Firstly, double-digit first half growth clearly demonstrates the capacity of our SaaS subscription model to withstand even the toughest of crises.

“Secondly, Sidetrade’s mission- enable companies to secure and generate cashflow- clearly strikes a chord with today’s hard-hit corporate finance departments. Our worldwide success has been powered by farsighted investments, including AI R&D and sales capacity. Despite the crisis, our bookings have never been so high. Emboldened by these results, we will continue our offensive investment policy.

“Notwithstanding the economic uncertainties ahead, the robustness of our foundations, the relevance of our solutions, and the boldness of our investments are leading to the best annual performance in Sidetrade’s history, and setting the stage for strong continued growth in 2021 and beyond.”

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