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Final Results for the year ended 31 March 2010
Thu 15th Jul 10 - 7:10
> Turnover Increased by £1.2m to £13.3m up 10%
> Gross Profit increased by £537,000 to £3.9m up 16%
> Gross Margins increased from 27.9% to 29.5%
> Investment of circa £500,000 within overheads
> Adjusted Operating Profit (excluding investment of circa. £0.5m) up 21%
> Cash Reserves increased by £1m to £4.3m up 32%
> 44% of Gross Profit from recurring revenues
> Second Interim dividend maintained at 2.75p (2009-2.75p)
> Strong start to the current year
Chairman's Statement by Scott. J. Fletcher:
"I am delighted to report another year of positive results for your company. The company has increased Gross Profit by 16% (and an average of 17% year on year for the past six years). We have delivered turnover growth of 10% (24% year on year for the past six years) and our cash balances at the end of the year reached a record high of £4.3m compared to £3.3m in the previous year. A strong focus on managed services and recurring revenues has led to 44% of Gross Profit coming from these areas. These important metrics demonstrate that your company continues on its course of growth despite the incredibly difficult market conditions in which we find ourselves. As reported at the half year, we chose to invest significantly during the past year in several areas including: two additional directors, key sales and technical staff, infrastructure renewals and quality management systems which has equated to nearly £0.5m. The Board feel that this investment was required in order to take the company forward to the targeted objective of £30m turnover. This investment has already started to produce returns with the award of the much coveted Buying Solutions Framework Agreement along with key industry accolades and accreditations and a significantly improved start to the first quarter of the year. We believe that this use of cash will provide enhanced returns for the business in the coming years."