7 Mar 2011 07:07
[ACC]
a leading supplier of compliance Software-as-a-Service solutions for the financial services, procurement and media sectors, is pleased to announce its preliminary results for the year ended 30 November 2010.
Financial Highlights
* Turnover from continuing activities up 38% to £7,974,381 (2009: £5,772,000)
* Adjusted trading profit on continuing activities up 153% to £1,479,960 (2009: £584,000)*
* Adjusted basic earnings per share on continuing operations were 0.40p (2009: 0.36p)*
* Loss after tax on continuing activities was £1,669,474 (2009: profit £570,000)
* Basic loss per share on continuing operations negative 0.72p (2009: positive 0.36p)
* Positive cash balance of £2,214,278 (2009: £1,714,243)
Operational Highlights
* Fundraising of £3,000,000 at 5p per share in February 2010
* Acquisition of Cobent Ltd on 1 March 2010 for £5,200,000, of which £2,000,000 was in vendor shares priced at 6p per share
* Strong performance from all other subsidiaries
* Wired-Gov Ltd sold in May 2010 for a cash consideration of £142,692 as no longer a strategic fit
* Total software development spend up to £816,000 (2009: £276,000) of which £413,000 capitalised
* Sales drive into the private sector at AIMediaComms and Due North starting to deliver
* Recurring revenue up 51% to £5,240,950 (2009:£3,461,280) being 65% of sales (2009: 61%)
* Disappointing sales progress at Cobent Limited resulted in a re-evaluation of future performance and a goodwill impairment of £2,600,000