Sales up 22% at Accumuli

ACCUMULI, the Salford-headquartered provider of advanced IT security services, has reported stronger demand for its products.

In the six months to the end of September sales grew 22% to £6.7m and Accumuli’s earnings before interest, tax, depreciation and amortisation (EBITDA) were up 20% at £1.2m.

But the business slipped to a pre-tax loss of £218,000 from a profit of £213,000 last time.

This was largely down to a fair value adjustment of £344,000 linked to the granting of options to early stage technology funding firm MXC Capital, which now has a 14% stake in the business. MXC director Ian Smith was also on Accumuli’s board but has now stepped down.

The company said revenues were driven by its security information and event management (SIEM) product sales, consulting revenues and Webscreen product sales, which included £400,000 of sales to Laterooms and a “leading multi-media organisation”.

Chairman Nick Kingsbury said: “We continue to consolidate our position in the market through acquisition and remain committed to investing in our unique solutions and services framework. Our niche areas of specialisation remain at the top of the agenda of IT security spend, and we will continue to broaden our proposition to address this fast-evolving market place.”

“The second half of the year is traditionally stronger in terms of revenue and margin performance and we look forward to a full half year contribution from our recent acquisition EdgeSeven. We can never be completely immune from any deterioration in the wider economic climate, however by focusing on acknowledged growth areas in IT Security we aim to mitigate any risks arising from a general softness in the markets.”