Revenue almost doubles at 'robot worker' firm Blue Prism
Robotic Process Automation firm Blue Prism has announced that revenue at the firm has almost doubled in the year ended October 31, climbing from £55m to £101m.
The AIM-listed firm said its customer numbers have almost doubled since last year.
The Warrington firm creates and installs Robotic Process Automation (RPA) technology, which is designed to automate simple business processes typically carried out by humans.
It claims that its front and back office ‘robot worker’ alternatives can increase productivity by up to 1500%, and boasts clients including Hovis and John Lewis.
Following the results, the firm’s shares increased to a five-month high.
The latest results follow a 125% increase in revenues for the financial year ending 31st October 2018.
In June 2019 the firm acquired London-headquartered SaaS firm Thoughtonomy for £80m.
"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,” said Chief Executive 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."