CAST announces Operating Margin above 10%, objective of average annual growth above 15% for the next years
| In M€ | 2021 | 2020 | Variation | % | ||
| Revenue | 44.2 | 41.0 | +3.2 | +7.9% | ||
| Operating income | 5.1 | 3.2 | +1.9 | +58.1% | ||
| Financial income | 0.5 | (2.4) | +2.9 | n/a | ||
| Net income | 4.2 | 0.1 | +4.1 | n/a |
NEW YORK and PARIS, April 12, 2022 (GLOBE NEWSWIRE) — CAST announced today its audited financial results for FY2021. Operating income has risen sharply (+58%) to €5.1 million, or 11.4% of its 2021 revenue.
Most of the financial result is due to foreign exchange gains. The tax charge for 2021 amounts to €1.4 million and the net income for the year is €4.2 million. The financial structure is sound with €16.6 million of cash available at the end of March vs €14.8 million at the end of December 2021.
The solid EBIT is the result of a low-cost operating model, but above all of the transformation plan initiated five years ago – R&D investments, positioning of automated software intelligence for high-growth use cases (M&A, Migration to the Cloud, Immediate productivity gains, Open Source risk control), development of SaaS subscriptions and recurring limited term licenses, and development of partnerships with Cloud vendors, strategy consulting firms, and system integrators of all sizes.
Based on these solid fundamentals and the market opportunity, CAST intends to pursue its strategy of switching to an increasingly recurring revenue model and market penetration by leveraging its strong partner ecosystem. CAST aims to double its average revenue growth over the next 5 years and to establish Software Intelligence as essential for anyone who is seeking to take back control of their software assets.
The budget for fiscal year 2022 includes significant investments in order to accelerate growth, while remaining profitable.
About CAST
CAST is the software intelligence category leader. CAST technology can see inside custom applications with MRI-like precision, automatically generating intelligence about their inner workings – composition, architecture, transaction flows, cloud readiness, structural flaws, legal and security risks. It’s becoming essential for faster modernization for cloud, raising the speed and efficiency of Software Engineering, better Open Source risk control, and accurate technical due diligence. CAST operates globally with offices in North America, Europe, India, China. Visit www.castsoftware.com.
CONTACT: For more information, please contact Stephanie Watkins at [email protected].
Disclaimer: This content is distributed by The GlobeNewswire