Access Intelligence cuts losses and strives for growth
A GROWING demand for its services has helped software business Access Intelligence reduce its losses.
Access Intelligence has today announced its results for the six months ended May 31 2013. The York-based firm reported a loss before taxation of £30,000 (H1 2012 loss £216,000) and revenue was up 6% year on year to £4.2m (H1 2012: £3.9m). The company’s operating profit before taxation was £28,000 (H1 2012: loss £198,000).
It said the results demonstrate the company’s continued progress in line with its strategy.
Access Intelligence said it has continued to see growing demand for its solutions as a result of the heightened pressure, from the public, government and media, to ensure responsible corporate governance and compliance with industry regulations.
Executive chairman, Michael Jackson, said: “Research, development and technical activities remain critical to our corporate strategy and during the first half of 2013 we have expensed £756,000 (H1 2012: £439,000) and capitalised software development costs of £727,000 (H1 2012: £284,000). The investment in product innovation ensures we meet our commitment to producing market leading technology and continue to drive strong performance in highly regulated industries.
“As a result of in-house expertise and trusted partnerships with our customers, we have seen growing demand for our professional services and account management team in the first half of 2013. There has been a growing requirement from key customer accounts to extend the use of our solutions for greater integration with their corporate strategic objectives.”
The firm opened its development centre last year. It said this is going “from strength to strength” and enables its brands to benefit from shared technologies, which will drive revenue synergy in the future.
Mr Jackson, said: “The results reflect the investment in our York-based development centre, which is enabling us to produce industry leading software innovation.
“We have invested significantly in creating a state of the art development centre in York. This provides the foundations to developing our product suite with leading edge innovation. Our commitment has resulted in capitalised development costs of over £700,000 in the first half and we are on track with our plans for this year.
“Access Intelligence continues to leverage its reputation and position within the expanding Governance, Risk and Compliance (GRC) market to drive long-term shareholder and customer value.
“In the first half of 2013 we have continued to invest in product innovation, sales and marketing, which is driving the company’s growth in a tough economic climate and this trend will continue during the second half of the year.”
In April, founder Ray Jackson ceased to be a director of the company.
