Halogen Software broke records for recurring, international, and total revenues in what CEO Paul Loucks on Thursday called “a strong start to 2015.”
The Ottawa-based talent management solution provider’s total revenue was up 18 per cent from a year ago to a $15.9 million. Recurring revenue made up 90 per cent of the company’s total revenue. At $14.4 million, it was up 19 per cent from the first quarter of 2014.
Revenue generated from outside North America was up 35 per cent from the same time last year.
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Halogen’s gross margin was 74 percent, down from 75 per cent in the first quarter of 2014. It recorded a net loss of $4.7 million, up from $3.0 million in the first quarter of last year.
As of March 31, the company has cash and investments worth $43.0 million compared with $44.2 million on Dec. 31, 2014.
“We continue to make investments to increase our global presence in the mid-market for Talent Management solutions,” Mr. Loucks said in a statement. “This translated into new customer wins, continued success in cross-selling within our existing client base and industry recognition for product and customer service excellence, in the quarter.”
Halogen is projecting second-quarter revenue to be between $16.0 million and $16.2 million, with recurring revenue making up $14.5 million to $14.7 million of that total. It expects its 2015 total revenue to be between $66.9 million and $67.7 million with recurring revenue between $60.0 million and $60.8 million.
“We remain confident in our growth prospects for the remainder of the year, both domestic and international,” Mr. Loucks said.
