Board overhaul paying off at eg solutions, AGM will hear

STAFFORDSHIRE-based back office software specialist eg solutions has reported “encouraging” financial performance since the year end.

At its AGM today, the Dunston firm’s chairman Duncan McIntyre will say the firm’s recent investment in new initiatives combined with a strengthening of its board leaves it positioned for profitable growth and the delivery of enhanced shareholder value. 

“We continue to see significant potential in the back office optimisation market, where global enterprises are focusing on improving customer service levels whilst generating operational efficiencies, controlling cost and enhancing risk management,” he will say.

“Demand for back office optimisation solutions continues to be driven by these key operational and financial issues, with demand for hosted solutions also increasing as customers look to shift their spending from capex to opex.

“For eg this transition is reflected in its increased recurring revenues, which accounted for more than a third of the total revenues in the past financial year.
 
“During the year to 31 January 2014, we invested c.£1m in initiatives to enable the company to support global customer wins; in creating a strategic distribution partnership with Aspect Software Inc and expanding our client implementation team.

Since the year end we have strengthened the board following the appointment of myself, Duncan McIntyre, as non-executive chairman, and John Brougham as non-executive Director. We bring substantial experience of listed and private companies in the technology sector.”

eg’s latest appointment – announced today – is that of Mark Brady who joins the board as a non-executive director.

He will become chairman of the company’s remuneration committee and serve on the audit committee.
 
Brady is a chartered accountant and corporate financier with over 25 years’ experience in advising both publicly quoted and private companies.

eg has also announced that it has secured a contract to provide further licences to an existing customer worth approximately £400,000.