LONDON (Alliance News) - Bond International Software PLC Monday reaffirmed confidence it will meet market expectations for the full year, as its saw its profit rise in the half year to end-June.
Bond International provides software for the recruitment and human resources industries.
The company posted a pretax profit of GBP769,000, up from GBP488,000 in the previous year, as revenue rose to GBP18.4 million from GBP17.0 million. Revenue growth was boosted by the company's acquisition Eurowage Ltd in April, which has contributed GBP788,000 since acquisition.
Recurring revenue was GBP12.4 million, up from GBP11.7 million; this was 67% of Bond's total revenues, and covered 98% of its fixed operating costs.
In the company's Recruitment Software division, revenue rose 4%, helped by a strong performance from UK staffing software business, offsetting declining support revenues from legacy products in the US.
The company's new US product AdaptSuite has gained traction in the US market, although it is presently only being sold to customers requiring Front Office functionality, which is not replacing the legacy products. Back Office functionality for the product will be introduced with the next update in the first quarter of 2015, it said.
Asia Pacific revenues were up 47% on a contract win. Bond said that its Japanese operation will move to profitability in the second half of 2014 for the first time.
Bond International said that trading conditions are good in its major markets, and noted that it was benefiting from the ongoing economic recovery in the UK and elsewhere.
"We maintain our confidence that we are well placed to benefit from global growth and, combined with our continued innovation in our products and services, we see a positive second half for the group," said Chief Executive Steve Russell in a statement.
Shares in Bond International were trading up 2.6% at 118.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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