StockMarketWire.com - Cloud communications software provider IMImobile said it expected to report a rise in annual earnings and revenue amid an uptick in new business wins.

For the year ended 31 March 2020, revenue was expected to rise 17% to at least £167.0m on-year and adjusted earnings (EBITDA) was expected to rise approximately 20% to at least £21.0m, the company said.

The growth was supported by a 'strong period of new client wins, partner acquisition and renewal of all major contracts falling during the period,' it added.

To offset the impact of the Covid-19 pandemic, the company introduced a hiring freeze and temporary three-month employee salary reductions, including a 33% reduction for the board as well as arrangements for the furlough of certain UK employees.

'The board believes that COVID-19 will have a limited impact on the business in the medium to long term due to the fundamental need for its customers to communicate and use digital channels for customer interaction,' IMImobile said.

The company also announced it would raise £15.0m through a discounted equity placing.

The company planned to place 7,415,575 shares at a price of 300p per share, representing a discount of 8.4%.

At 8:40am: [LON:IMI] Imi PLC share price was +18p at 840p



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