Healthy order book at eg solutions as its plans product launch
STAFFORDSHIRE software firm eg solutions has revealed that its order book of contracts has increased noticeably over a 12 month period.
In a trading statement covering the six month period to the end of July, the Dunston firm – which specialises in back office optimisation – said forward visibility for the full year is at a stronger level than at the same time last year and, as at 31 July 2015, the company’s order book of multi-year contracts had increased to £15.5m (2014: £13m).
The firm said its first half performance continues to support market expectations for the full year to 31 January 2016.
And following a placing in January, eg says it has invested significantly in its operational sales and marketing as well as accelerating product development.
As a result of this investment, two new products – eg forecasting and eg mobile – will be launched in London at The View from The Shard on September 23.
The firm said it expects to report revenues of approximately £3.6m for the six month period ended 31 July 2015, an increase on the £3.1m underlying revenues (excluding one-off deals) for the equivalent period in 2014, and a loss before tax of approximately £0.3m reflecting the investments undertaken since the placing.
On 31 July, the company had a cash balance of £3.1m.
Elizabeth Gooch, chief executive officer of eg solutions, said: “We are pleased to be reporting continued growth in line with the plans we outlined to shareholders at the time of the placing.
“Our newly strengthened sales and marketing teams are performing well and we are confident that the company is well placed to capitalise on the significant market opportunity available to it.
“The significant enhancements to our product suite will ensure that we remain at the forefront of the back office optimisation software market.
“With an increased order book, a strong pipeline and robust board and management team, we look forward to the remainder of the year with confidence.”
eg solutions has also announced the appointment of Bob Krakauer as a non-executive director with immediate effect.
Krakauer replaces Spence Mallder on the board as the representative of Aspect Software UK, a major shareholder in the company; accordingly Mallder has stepped down from the board.
Krakauer has substantial experience in senior finance and operational roles, primarily within companies in the technology sector. He is currently CFO of Aspect Software, which provides enterprise software for customer service.
He served as interim CFO of Genesys, CFO of GlobalFoundries and LifeLock, as well as president and CFO of MagnaChip Semiconductor. He was previously executive vice president of corporate operations and CFO for ChipPAC, where he was part of the management team that successfully took the company public on NASDAQ.
Duncan McIntyre, chairman of eg solutions, said: “Bob’s skills in the field of technology will enhance the strength of our board in an area which is very important to the delivery of our growth plans.”
