LONDON (Alliance News) - EG Solutions PLC Chairman Duncan McIntyre said Tuesday the firm is well positioned for profitable growth and enhanced shareholder value as the firm's financial performance has been encouraging since the end of 2013.
In a statement released ahead of the back office software firm's AGM, McIntyre said that the company continues to see significant potential in the back office optimisation market, as global enterprises are focusing on improving customer service levels whilst generating operational efficiencies, controlling cost and enhancing risk management.
"Demand for back office optimisation solutions continues to be driven by these key operational and financial issues, with demand for hosted solutions also increasing as customers look to shift their spending from capex to opex. For [example] this transition is reflected in its increased recurring revenues, which accounted for more than a third of the total revenues in the past financial year," he said.
In the year to January 31, 2014 the firm invested around GBP1 million in initiatives to support global customer wins, it said, as well as creating a strategic distribution partnership with Aspect Software Inc and expanding its client implementation team.
EG Solutions also said that it has won a contract to provide further licences to an existing customer worth approximately GBP400,000, to be recognised in the current financial year. This builds on other new contracts secured since the year end, including a contract with a new customer in the utilities sector, and a licence contract with an existing global banking customer in conjunction with the firm's strategic partner, Aspect Software Inc., as well as two new strategic partnerships.
"Our near term pipeline remains strong and we look forward to announcing further customer gains in due course. The Board looks forward to reporting continued progress throughout the remainder of 2014 and beyond," said McIntyre.
Shares in EG Solutions were trading 0.20% lower Tuesday midday at 54.888 pence per share.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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