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Interim Results for the period ended 30 September 2009
Wed 16th Dec 09 - 9:10
HIGHLIGHTS
- Turnover increased by 7% from £5,142,064 to £5,499,224
- Operating Profit £378,533 (£379,912 2008)
- Cash Reserves up from £1.5m to £1.6m after £243,000 of share buybacks
- EPS 3.2p (3.5p 2008)
- Dividend maintained at 1.25p per share
- Annual Recurring Revenues increased by 17.6% from £3.4m to £4.0m
- Total investment during the period in recruitment, infrastructure and marketing was £138,000 excluding additional salaries.
- Increased head count of over 20%
CHAIRMANS STATEMENT
"It gives me great pleasure to announce the half year results to 30 September 2009. Your company has shown tremendous resilience during the difficult and ongoing downturn. These positive results, delivering turnover growth of 7% to £5.5m with operating profit remaining at the same level as the first six months to September 2008, come following significant investments in the business. The results of these investments are already beginning to show through and our order intake for the period is slightly ahead of the same period last year. We have also seen excellent growth in our recurring revenues which demonstrates our success in developing our managed services offering.
During this period, when the downward pressure on margins has been significant, your board has continued to focus on the delivery of key solutions to our customers around business efficiency and 'Spend to Save'. Your board made a decision to manage the overheads tightly as is prudent however we also planned to sacrifice some short-term profitability to enable us to continue investing in the business for the future. We believe that it is important to ensure that we employ the highest skilled personnel in the industry and, given the general economic outlook, we have been able to attract talent in abundance that would not have been possible in a different economic climate"
Scott Fletcher, Chairman and Founder