SMRT.L Share News (SMRT)

(Sharecast News) - Software group Smartspace swung to a first-half profit after it disposed of several underperforming assets.Smartspace's pre-tax profits came in at £623,000 for the six months ended 31 July, a marked turnaround from the loss of £661,000 recorded a year earlier.On a per share basis, the AIM-listed group reported earnings of 3.2p - also a significant improvement on the 3.8p loss seen a year earlier.However, Smartspace was quick to acknowledge that the results reflected the disposal of its systems integration and managed services divisions for £21.6m in mid-June and were based on the firm's continuing operations.Revenues from continuing operations fell 9.52% to £1.9m.LBITDA widened 89% to £1.9m.Chief executive Frank Beechinor, said: "The second half of the year has started well and I expect to see the strong pipeline of near-term opportunities develop into contracts over the coming months, particularly workspace management.""The market continues to show increased demand for our products with businesses increasingly focusing on ways in which to optimise their corporate real estate."The company's net cash balance soared 1,575% to £13.4m as a result of its recent disposals.Elsewhere, Smartspace announced it had acquired New Zealand-based software-as-a-service outfit SwipedOn for a total consideration of $5.4m.SwipedOn, which has an impressive base of clients across the USA, Canada, UK, Australia and New Zealand, has annual recurring revenues of NZ $1.7m.Management said the acquisition supports its strategy of broadening and building its SaaS revenue while offering software solutions for enterprise, mid-market and entry-level customers across the globe.As of 1105 BST, Smartspace shares had inched ahead 0.34% to 88.8p.