Building
Better
Networks
IQGeo Group plc
Annual Report 2023
Telecommunications and utility operators are "Building Better Networks" with IQGeo's award-winning software solutions. The ability to powerfully model any network requirement, integrate every system and data source, and support field and office teams with continual innovation is helping operators create the networks of the future. Our solutions ensure greater cross-team collaboration and process efficiency throughout the network lifecycle, from planning and design to construction, operations and sales.
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Contents
Strategic report
- Our vision, purpose and strategic focus
- At a glance
- Investment case
- Chair's statement
- IQGeo's five-year anniversary
- Market opportunity
- CEO's statement
- Our products
- Our business model
- Our strategy
- Strategy updates
- Key performance indicators
- Sustainability
- S172 statement
- Our stakeholders
38 Chief Financial Officer's statement
42 Principal risks and risk management
Corporate governance
46 Board of Directors
- Corporate governance report
- Audit Committee report
- Remuneration Committee report
- Nomination Committee report
- Directors' report
60 Directors' responsibilities statement
Financial statements
- Independent auditor's report
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated statement of changes in equity
- Consolidated statement of financial position
- Consolidated statement of cash flows
- Notes to the consolidated financial statements
- Company balance sheet
- Company statement of changes in equity
- Notes to the Company financial statements
IBC Company information
Strategic report Corporate governance Financial statements
Our vision
At IQGeo we are enabling digital equity for communities around the world with the deployment of full fibre broadband, and working to meet the challenges of net-zero carbon emissions by creating the renewable energy networks of the future.
Our purpose
IQGeo's Integrated Network and Adaptive Grid solutions for telecom operators and electric utilities are designed to support the entire network lifecycle from initial planning through construction, maintenance, sales and outage response. Our solutions reduce process costs across the lifecycle, accelerate time-to-revenue and create more resilient networks through improved data quality.
Our strategic focus
Goal 1 | Goal 2 | Goal 3 |
Global growth | Recurring revenue | Product innovation |
See more on page 22 | See more on page 22 | See more on page 22 |
Awards
Carbon
Neutral
Organisation
IQGeo Group plc | Annual Report 2023 | 1 |
At a glance
2023 was another successful year for IQGeo with continued software innovation that enables strong financial and market share growth.
Throughout 2023 the telecom and utility industries continued to make major capital investments in broadband rollout and electric grid modernisation. In North America alone, the Fiber Broadband Association recorded another record year with over nine million homes passed with new fibre
Highlights
Exit annual recurring revenue (£m)
£21.3m
+41%
and the Biden administration announced government funding of more than $42 billion to support nationwide digital equity. At the same time, electric operators
5.3
15.1
8.2
21.3
are ramping up investment to redesign and modernise their grids to accommodate renewable and distributed energy generation and meet national targets for net-zero carbon emissions. With these global megatrends set to continue for the coming decade, they provide a strong long-term market opportunity for IQGeo's award-winning network management solutions.
IQGeo's end-to-end SaaS network management software provides a single platform across planning, design, construction, operations, maintenance and sales processes. We deliver the industry's most flexible system integrations and digital workflows to support everything from enterprise scale deployments to the needs of private fibre and regional utilities. Our desktop and mobile solutions create and maintain an accurate view of complex telecom and utility network assets that is easily accessible by anyone, wherever and whenever needed.
2020 | 2021 | 2022 |
In-year recurring revenues (£m)
£15.7m
5.810.6
3.2
2020 | 2021 | 2022 |
Total order intake (£m)
£57.2m
19.6 | 41.0 | |
13.3 | ||
2020 | 2021 | 2022 |
2023
+48%
15.7
2023
+40%
57.2
2023
Adjusted EBITDA (£m)
£6.6m
1.9 | ||
(2.5) | (0.8) | 2022 |
2020 | 2021 | |
+247%
6.6
2023
2 IQGeo Group plc | Annual Report 2023
Strategic report Corporate governance Financial statements
The expanding capabilities and increasing sophistication of the IQGeo SaaS solutions create a strategic technology advantage for our customers who are driving digital equity with new fibre deployments and transforming electric grids in response to climate change and the emerging net-zero economy.
Our locations
Toronto | |
Cambridge | |
Ghent | Tokyo |
Denver |
Kuala | |||
Lumpur | |||
Gross | Employees at | Number of | Telecoms and |
margin | the end of 2023 | new customers | utility customers |
60% | 217 | 64 | 500+ |
Delivering value across the network lifecycle
See more about our network lifecycle on page 16
At the heart of our success is a clear focus on delivering software solutions that help our telecom and utility customers manage the entire lifecycle of their networks.
Richard Petti
Chief Executive Officer
IQGeo Americas Meetup, Denver
IQGeo Group plc | Annual Report 2023 | 3 |
Investment case
IQGeo is focused exclusively on the telecom and utility industry markets where investment remains strong for large capital projects to support broadband networks and realise the potential of renewable energy generation that meets net-zero carbon emission objectives.
Telecom network operators and electric utilities recognise the imperative to transform their ageing networks with new fibre infrastructure and modernised grids. They continue to make major investments in modern technology to achieve their commercial revenue goals and to meet carbon emission regulatory requirements.
01.
Compelling market drivers
02.
World-class products
Upgrading these networks will take decades with billions in investment and the IQGeo network management software is well positioned to be a strategic component to the long-term success of these businesses.
As large scale capital project funding continues to grow from government initiatives and private investors for universal broadband and electric grid modernisation and decarbonisation,
IQGeo product innovation is key to our business success and in 2023 we launched our Integrated Network and Adaptive Grid solutions for telecom operators and electric grid utilities, and we led the industry with the release of
In 2023 our SaaS solutions have been firmly established as a market leader within the fibre industry and our utility solutions are gaining market share and building momentum as we continue to secure new high-profile customers.
IQGeo is well positioned to capitalise on these global industry megatrends and capture greater market share in existing and new regions.
Read more on page 10
the Insight, Professional and Enterprise editions of our award-winning Network Manager products.
Read more on pages 16 to 18
Comsof Fiber | Network Manager Electric | Network Manager Telecom |
4 IQGeo Group plc | Annual Report 2023
Strategic report Corporate governance Financial statements
03.
Experienced team
04.
Strong financials
In 2023 we continued to expand the breadth and depth of the IQGeo team with the appointment of a new Chief Technology Officer and the addition of 60 new colleagues across virtually every area of our business.
IQGeo delivered against all of our key financial metrics in 2023 and we continue to build a resilient recurring revenue stream with our software subscriptions. This is being achieved through our "land and expand" business model that provides a healthy
Our growing reputation for market success is helping us attract a highly talented group of technology and industry professionals.
Read more on pages 36 and 37
mix of new project sales and the expansion of software subscription and service revenue with existing customers.
Read more on pages 26 to 29
05.
Growing market momentum
With a strategic focus on network | This success creates a virtuous circle |
requirements for telecom and utility | that is feeding our market reputation |
operators, we have created a highly | and enabling new business across all |
skilled, multi-disciplined team of | areas of our target industries. |
industry and technology experts that | |
are delivering success for our customers. | |
Read more on pages 10 and 11 |
IQGeo Group plc | Annual Report 2023 | 5 |
Chair's statement
I am delighted to report that 2023 proved to be an extremely successful year for IQGeo, delivering strong financials, material product developments and an organisation which is now rapidly accelerating and broadening its market opportunity.
I am delighted to report that
2023 proved to be an extremely successful year for IQGeo, delivering strong financials, material product developments and an organisation which is now rapidly accelerating and broadening its market opportunity.
This year we celebrated five years since the launch of the IQGeo brand and operational focus. We started this process with some best-in-breed products but needed to establish organisational readiness to truly address the opportunities that we felt would develop. Over that period, we have remained focused on our industry segments, developing our products and people aimed at addressing the pressing industry needs for Integrated Network and Adaptive Grid solutions in the telecom and utility sectors. These industries have continued to grow and demand modern tools to solve new and existing problems.
Our new customer wins and retention rates across all our markets from global blue-chip customers to smaller regional providers remain very high. In addition, many of those same customers continue to expand the number of software users and range of products and applications. All of which provides positive testament to our strategy.
Paul Taylor
Chair
Record order intake (£m)
£57.2m
We continue to see the markets we serve demanding modern adaptable tools to support field and back-office solutions. Customer wins invariably come
from those needs and requirements with many seeing material solution replacements where those current strategies are no longer capable of meeting either external or internal requirements. As such, our customer profile typically develops as demand for more users, new products and functionality spreads across varying aspects of their business.
Our acquisitions in prior years have been fully integrated and have continued to allow us to address a wider market opportunity and provide existing customers with more product and functionality. Whilst we remain focused on the strong organic growth opportunity, we will as in previous periods consider carefully those opportunities that may well be served by market consolidations.
Adjusted EBITDA (£m)
£6.6m
Results overview
Strong financial results in year delivered revenues of £44.5 million
(2022: £26.6 million) a growth of 67%.
Organisation
We have continued to establish the teams across the globe to make sure we are able to develop customer relationships with cultural, regional understanding and local/infield support. In 2023 we saw the expansion of our Asian region with the opening of an office in Kuala Lumpur. Headcount has been carefully increased in the year to 217 (2022: 180). This expansion continues to enhance our management team and those skills needed to understand the challenges our customers and industries face.
6 IQGeo Group plc | Annual Report 2023
Strategic report Corporate governance Financial statements
Exit annual recurring revenue (£m)
£21.3m
Outlook
We entered 2023 with a strong conviction for the opportunity we had in front of us, and those opportunities and convictions remain as we exited the year. Against a backdrop of fast-growing market opportunities a talented organisation and a set of strong financial attributes, we remain confident that we can continue to meet growing market demand.
Finally, I would like to thank our customers who entrust their material operational needs with our products and people, our shareholders for their continued support, and our team at IQGeo.
Paul Taylor
Chair | |
19 March 2024 | IQGeo Americas Meetup, Denver |
2023 product launch milestones
Utility industry | Telecom Industry | ||||
Adaptive Grid solution | Integrated Network Solution | ||||
Complete solution for the lifecycle of the electric grid | Complete solution for the lifecycle of the fibre network | ||||
Network Manager Electric | Network Manager Telecom | ||||
• | Insight | New product editions | • | Insight | New product editions |
• | Professional | • | Professional | ||
Support T1-T4 operations | Support T1-T4 operations | ||||
• | Enterprise | • | Enterprise | ||
IQGeo Group plc | Annual Report 2023 | 7 |
IQGeo's five-year anniversary
On 1 January 2024, we celebrated our five-year anniversary as IQGeo. While this is a major milestone with many significant achievements, the roots of the company and our software technology run much deeper than this half-decade. The original geospatial software has a rich history of development under the Ubisense brand prior to its disposal on 31 December 2018, and we have since added decades of industry and technology experience through the acquisitions of OSPInsight in
2020 and Comsof in 2022. Thanks to our dedicated and talented team, the IQGeo software portfolio and business has matured dramatically over the last five years as we have evolved from an industry challenger to a leader, and we look forward to even greater achievements in the future.
Network | ||
Workflow | Manager | |
Manager | Telecom | |
launched | launched | |
Customers: 40 | Customers: 50 | |
2019 | 2020 | |
Employees: 59 | Employees: 71 | |
IPO | Share price | |
June 2011 | £0.45 | |
IQGeo launched
2019
IQGeo, Innovation Awards
8 IQGeo Group plc | Annual Report 2023
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Disclaimer
IQGeo Group plc published this content on 12 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 April 2024 06:30:04 UTC.