Software firm in good shape, chairman tells AGM

STAFFORDSHIRE software firm, eg solutions has told shareholders the business looks in good shape as the year progresses, boosted by new contract wins and a programme of investment.

In his AGM statement, chairman Duncan McIntyre said 2015 was set to be a transformational year for the business.

“The management team was strengthened by the appointment of a number of experienced directors and senior hires, who quickly had a positive impact on the group’s performance; delivering record revenues up 69% on the prior year, a substantial increase in recurring revenues, return to profitability, and improved cash generation,” he said.
 
“Moving forwards, I’m pleased to report that the business continues to make progress in the current year, with a number of new contract wins with existing blue chip customers in a range of verticals. The revenue from these contracts will be recognised in the current financial year giving us confidence in our full year outlook.
 
“The board remains committed to continued investment into increased sales, marketing and product development to drive further growth, supported by the successful £3.2m placing completed in January.  I am also pleased to report that our mobile and forecasting applications will be released in September further enhancing our offering to existing and new customers.”