Aconex, which listed on the Australian Stock Exchange in December, has just reported results for the half-year to 30 December 2014. The Melbourne-based SaaS collaboration software business saw total revenues climb 19%, ahead of forecasts, to Au$38.1m (£19.4m or US$29.8m). The company was also ahead of break-even, reporting a Au$0.5m EBITDA, again ahead of its forecasts. Growth varied across regions: 14% in Australasia, 29% in the Americas, 37% in Asia, with EMEA the most sluggish at a, still encouraging, 13%.
CEO Leigh Jasper said:
“First half results showed how the Aconex unlimited collaboration model is driving the growth of our global user network. Owners and contractors delivering the world’s largest projects are increasingly trusting Aconex to provide project-wide information and process control for their project teams. Our key financial metrics of revenue and EBITDA for 1H FY15 exceeded our IPO prospectus forecast and confirmed our outlook for FY and CY 15. We saw continued strong growth and profitability in Australia, while further increasing our international revenues and rapidly improving our regional operating contribution. We’re successfully replicating our Australian operating model on a global scale, and we’ve launched new products to continue expanding market penetration worldwide. ”
Aconex shares closed at Au$1.92 on Friday, having spent all of February to date above Au$1.90, and the company’s cash position looks rosy after the IPO, with a balance of Au$25.8m. Updates (23, 24 February 2015) – Not surprisingly, its performance is pleasing analysts: in Aconex puts early runs on the board, FNArena‘s Eva Brocklehurst describes the positive response of Macquarie, for example, while the Herald Sun‘s John Beveridge rates Aconex a “buy”.
The numbers will make sobering reading for some of Aconex’s rivals, particularly those like McLaren Software whose revenues have hardly grown at all, while Aconex’s growth pushes it further ahead of others also claiming double-digit revenue growth. Still, it’s a big market, and even Aconex as the biggest specialist provider reckons overall market penetration for collaboration solutions is still only around 4%, so there’s still plenty of growth to come.