Blue Prism enjoys fifth year of revenue growth despite pandemic downturn
Automation specialist Blue Prism has enjoyed its fifth year of revenue growth even as businesses delayed purchases amid the pandemic.
The Aim-listed firm develops Robotic Process Automation (RPA) software, which helps large companies automate complex administrative tasks.
Customers responded to the pandemic by delaying purchasing decisions or reducing deal sizes which meant Blue Prism took somewhat of a hit.
Chief executive Jason Kingdon told Morning Wire Blue Prism had not been immune from the effects of the pandemic as “whole sectors just can’t operate at the moment”.
The firm has instigated guidance for the year to reflect the “significant opportunity in our end market, coupled with the heightened uncertainty stemming from the actions taken by governments around the world to combat the pandemic.”
But sales improved in the second half of the year with revenue for the full year growing 46 per cent. The firm also trimmed its losses from £91.8m to £81.6m.
Kingdon said Blue Prism’s success is indicative of a movement in automation: “Intelligent automation is making its mark, it’s here to stay… It’s like the robotics that took place in manufacturing but for administration and white collar tasks.”
He notes the use of digital workers within healthcare management systems, which has “showcased what digital can do”.
The company worked with over 50 NHS Trusts in the first lockdown to help with everything from linking lab results and distribution to rescheduling GP appointments.
Blue Prism ended the year with 2,031 customers, a 21 per cent rise on the previous year. New customers came from a range of sectors including the US Department of Veteran Affairs, Bristol Myers Squibb, Huawei and Thames Valley Police.
Shares in the firm plunged 22.02 per cent.