Microgen to reward shareholders

Business software company Microgen is planning to return up to £10m to shareholders after a strong performance in the first half of 2010.Profit in the first six months of 2010 rose to £2.69m from £1.96m the year before on revenue that grew to £16.15m from £13.60m. Recurring revenues improved to £8.5m from £8.2m, accounting for 52% of total revenue.The group has a positive cash balances at the end of June of £25m and proposes to return up to £10m by repurchasing and cancelling shares through a tender offer to shareholders at a price of between 80p and 90p per share.The interim dividend has been increased from 0.8p last year to 0.9p.