Growth of 4% (10% like-for-like)
Cloud success: SaaS revenues increased by 11%
TRADING UPDATE
| Sidetrade Group Turnover (in € millions) | 2014 | 2013 | Change |
| Turnover* | 14.1 | 13.6 | +4% |
*Consolidated and un-audited information.
Sidetrade achieved turnover of €14.1M during the 2014 trading period, representing growth of 4%. This performance was held back by:
- The scheduled cessation of Sage FRP Collect's maintenance activities acquired at the start of 2013 (2014 -€0.5 M).
- The exit from Treasury Consulting activities (2014 -€0.2 M).
Adjusting for these factors, overall growth of 10% was achieved. Reported group turnover reflects the strength of the business model and its capacity to adapt to the uncertain economic landscape in Europe.
2014 Cloud Success: +11%
SaaS subscription revenues over the period totalled €9.5M versus €8.6M for the same period in 2013, representing growth of 13.6%, with the Cloud business the primary source of growth for the group.
Significant new client accounts added during the period include: Loxam Morocco, Bonna Sabla, Emeraude, Primagaz, Soufflet Group (France, Belgium), Capio, Cofely Italy (GDF-Suez), Norbert Dentressangle (UK and Ireland), Geodis Wilson (UAE, Hong Kong and Qatar), Marie Brizard, Gravotech, Eni France and Store Electronic Systems.
SaaS subscription clients representing new business in 2014 contracted for an initial period of 48 months on average compared to 34 months for new business in 2013. Recurring revenues in the SaaS business resulting from multi-year contracts ensure excellent visibility of medium term revenues. Accordingly, the SaaS backlog at December 31st 2014 stood at €20M. These committed unrealised revenues are not included in the group income statement or balance sheet at the close of 2014.
STRONG 'TARGET25' PLAN
The Target25 strategic plan, launched in 2013 with the goal of reaching annual growth of at least 25% within three years, has posted initial gains in 2014.
Oliver Novasque, CEO and Chairman of Sidetrade Group explains:
"2014 has been a pivotal year for the execution of Target25, marked by a substantial investment program. At the international level, within the space of a few months we have established a pan-European platform in Dublin, comprising 35 multilingual cross-disciplinary professionals, to help conquer new markets. At the same time, we have redoubled our focus on Sales and Marketing, which will continue throughout 2015. In terms of innovation, we have integrated a business intelligence solution into the Sidetrade Cloud, giving our customers full visibility of their financial information and easily identify cash-generation opportunities"
Sidetrade management approach 2015 with the goal and confidence to further accelerate growth.
