Esker's (PA:ALESK) Q4 revenue update confirms that the company hit its double-digit organic revenue growth target for FY17 and expects a similar performance in FY18. While FY17 revenues are ahead of our forecast, we make no changes to forecasts pending FY17 results on 22 March, when the company will report profitability for the year.
Esker reported Q4 revenues of €20.2m (+16% y-o-y, +14% on an organic, constant currency basis), ahead of our €19.9m forecast. SaaS-based revenues (85% of total revenues) grew 21% y-o-y, while licence and maintenance revenues (10% of revenues) declined 18%, highlighting the continuing shift to cloud-based services.
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