Sopheon sees profit significantly ahead of expectations after new customer adds

Business software provider Sopheon said it expected to post profits significantly ahead of upgraded market expectations afater it won new customers.

Revenue for the year through December was now expected to exceed $33.0m, up from $28.5m in 2017.

'With higher revenue as well as lower than planned costs, the Board expects that Ebitda and pre-tax profits will be significantly ahead of the upgraded market expectations for the year ended 31 December 2018,' Sopheon said.

Year-end net cash was expected to be $16.7m, up from $9.5m on-year.

Sophean said it notched 18 new customer wins in 2018, up from 13 in 2017, of which several were substantial in size.