7 March 2011 – interim results
The group has reported solid results for the six months to 31 December, with revenues rising by 7% to £24.7m whilst pre-tax profit increased by 8% to £4.23m (2009: £3.91m). Adjusted earnings per share were 13% higher at 16.9p (2009: 15.0p) although no interim dividend was declared. Net debt at the period end was £11.5m after drawing down £5m to fund acquisitions.
The group has increased its customer base to around 1,800 from 1,500 in 2009 and both core software divisions produced a good profit performance. The group has today announced the purchase of Sense Enterprise Solutions for £1.2m in cash, with a further £350,000 being paid on completion in res[ect of surplus cash in the business. This will bring additional customers and skills to the group and with pre-tax profits for the financial year likely to rise to £8.3m for earnings per share of 23.4p the shares remain ATTRACTIVE.