FCL - FINEOS Corporation Holdings PLC

[System]

FINEOS is a leading vendor of core software to the life, accident & health (LA&H) insurance industry.

FINEOS operates within the core systems market of the LA&H insurance industry, providing critical core software used in the administration of insurance businesses, including systems for claims management, policy administration and billing. FINEOS estimates that external core systems software spend by life insurers globally is approximately US$10 billion annually.

The FINEOS Platform has been designed to support group, voluntary and individual insurance on a single, integrated cloud-based platform across three key product categories:

• FINEOS AdminSuite for core process administration;
• FINEOS Engage for digital engagement capabilities; and
• FINEOS Insight for data analytics, intelligence and insights.

FINEOS’ growth is expected to be driven by increased adoption of current modules and cross-selling new modules within the existing client base, new client acquisition and expanding its presence into key strategic markets.

It is anticipated that FCL will list on the ASX during August 2019.

https://www.fineos.com

 

[Dona Ferentes]

notice that the small cap LIC, Mirrabooka, has added FINEOS (FCL) to the portfolio.

Don't know much about it

 

[Dona Ferentes]

Market liked it.. up 5% on a down day... Still don't really know what they do, but meeting expectations is one +ve attribute
.
Key 1H20 Highlights:
• IPO on the ASX completed 16 August 2019 raising €62.9m for FINEOS
• Revenue of €40.4m up 37.7% from €29.4m in 1H19
-o Software revenue of €13.3m up 26.5% on 1H19
-o Services revenue of €27.1m up 43.9% on 1H19
• Statutory EBITDA of €6.8m up 85.3% from €3.7m in 1H19
• Pro forma EBITDA of €8.9m up 207.6% from €2.9m in 1H19
• Statutory NPAT of €0.1m up from a net loss after tax of (€0.7m) in 1H19
• Pro forma NPAT of €2.4m up from a net loss after tax of (€1.1m) in 1H19
• Basic earnings per share of €0.08 cents for 1H20 compared to a loss per share of (€0.28) cents for 1H19
• EIB loan and interest totaling €16.6 million repaid
• Net increase of 80 staff, primarily in the professional services division, added during the six month period bringing total headcount to 741 as at 31 December 2019
• Five new name contract wins during 1H20
• At the beginning of 2H20, one large new name contract win, as well as an existing Top 10 client by revenue signed to commence an upgrade of their FINEOS Claims on premise system to the latest version of FINEOS Claims in the cloud
• FY20 revenue guidance range upgraded from €80-€82m, to €84-€86m

 

[Dona Ferentes]

"The trading halt is requested for the purposes of considering and executing a capital raising."

- cute language

- and why not?

 

[Dona Ferentes]

Exceeding Prospectus, but will it be enough??

Key FY20 Highlights:
• Total revenue of €87.8m up 39.8% on FY19
.... Services revenue of €58.3m up 47.5% on FY19
.... Subscription revenue of €27.0 million (excludes product initial license fees of €2.5 million) up 37.9% on FY19
• Statutory EBITDA of €13.3m, up 64.6% from €8.1m in FY19
• Pro forma EBITDA of €15.7m, up 88.0% from €8.4m in FY19
• Statutory net loss after tax of (€0.2) million down from (€1.8) million in FY19
• Proforma NPAT of €2.3 million up from (€0.8) million in FY19
• 9 new name client wins during FY20, 8 in North America and 1 in Australia
• Total employee headcount at 30 June 2020 of 875, up 31.8% from 30 June 2019

Outlook
In spite of the significant global headwinds and uncertainty caused by the COVID-19 pandemic, management continue to be confident of achieving impressive revenue growth levels in FY21 and are targeting topline revenue growth of 20% including subscription revenue growth of 30%, before counting the additional contribution from the recent acquisition of Limelight Health

 

[Dona Ferentes]

notice that the small cap LIC, Mirrabooka, has added FINEOS (FCL) to the portfolio.

Don't know much about it

big brother AFI has culled it:

... "The small position in FINEOS
Corporation was also sold completely reflecting our concern over the ability of the business to demonstrate attractive long term returns on its investments."