Esker (PA:ALESK) has reported H117 revenues in line with our forecasts, achieving 9% y-o-y organic constant currency growth. The e-integration acquisition is performing well and the company has maintained its guidance for double-digit organic revenue growth for 2017. Esker’s strong cash position provides resources for further M&A. We leave our forecasts unchanged, pending full H117 results on 14 September.
H1 revenues on track
Esker generated revenues of €19.1m in Q217, +13% y-o-y (+9% constant currency organic growth). H117 revenues of €37.8m were in line with our forecast, +14% y-o-y (+9% constant currency organic). The recent acquisition, e-integration, contributed revenues of €0.9m in Q217 (+24% y-o-y) and €1.8m in H117 (+20% y-o-y) – this is marginally better than expected. SaaS-based revenues grew 25% y-o-y (18% constant currency and organic) to make up 84% of revenues. The company closed H117 with cash of €23.4m and net cash of €9.7m.
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