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Geospatial productivity and collaboration software group IQGeo said it expected to report higher annual revenue and increased gross margins for the year, owing to ongoing 'strong' demand.
For the year ended 31 December 2020, revenue was expected to be not less than £9.0 million, up from £7.8 million a year earlier and gross margins were expected to exceed 50%, up from 42%.
The strategy of converting the business to a recurring revenue model continued 'to show positive momentum and approximately 35% of revenues are now recurring, up from 21% in 2019,' the company said.
Final results were expected to be released in March 2021.