FINANCIAL services software provider eg solutions has announced an increase in interim pre-tax profits of almost 160%, from £56,000 last year to £145,000 for the six months to July 31.
The Staffordshire based company also saw first half revenues increase by 15.4%, from £2.09m last year to £2.411m. Basic earnings per share rose 25%.
The AIM-listed firm said the results had been achieved despite a challenging business environment, while period-end cash was up 30% to £773,000 even taking into account money used to fund the acquisition of XTAQ in March.
eg said Bristol-based XTAQ had now been successfully integrated into the business and was converting pipeline as expected.
Internationally the highlight for the period was the strong performance of the firm’s South African business where sales increased twofold to £361,000 from £176,000 for the same period last year. Wins include a contract signed with one of South Africa’s leading investment administration companies.
Other highlights for the firm included two major business awards: the AccredIT UK accolade was awarded in recognition of its quality and excellence, while the firm also carried off the Export & International Trade prize at Monday’s Birmingham Post Business Awards.
In outlook, non-executive chairman Rodney Baker-Bates said: “eg has demonstrated through these results that it has established a strong platform for growth and that there is momentum building in its financial performance.
“During the second half we expect to maintain growth in revenue, profitability and cashflow and our ongoing focus on cost control will continue to benefit our financial performance.”
He said that with approximately 78% of anticipated revenues for the full year now under contract, the firm was confident for its full year outturn and predicted it would achieve market expectations.
Meanwhile, Leamington-based software rival Focus Solutions Group announced it had secured two new contracts, together worth in excess of £500,000.
One of the contracts is with a leading provider of accident and health insurance and the second with one of the UK’s largest providers of free debt solutions.
In each case the contract relates to a four-year enterprise licence for the group’s focus:progress system.
Latest Focus share price & fundamentals: click here
For the latest AIM and FTSE news, plus the West Midlands risers and fallers, go to our Shares & Markets section.Click here
Click here to sign up to receive our new South West business news...
