Microgen to meet or exceed expectations

Software firm Microgen saw pre-tax profit fall for the half-year but said it is on track to meet or exceed the board's expectations for the year. "While the Board remains cautious and prudent, particularly in the current unpredictable market, Microgen has delivered another excellent operating performance and, as advised in the recent trading update, remains on track to meet, or possibly exceed, the board's expectations for the year," said the group.Pre-tax profit came in at £2.75m from £3.87m before for the half-year. Revenue fell to £16.4m from £16.9m before. Adjusted operating profit increased 10% to £3.2m.The group said performance in the first half of 2009 reflects the success of the investment in Microgen Aptitude and related products, supported by high recurring revenues from the group's other products and services in slower growth market sectors. "As a result, despite the difficult economic and market conditions, the operating margins reported in the first half of the year were ahead of Plan, with all development costs expensed," said the group.Interim dividend increased 14% to 0.8p per share.