Interesting interims28 Oct 2011 08:24
results for the six month period ended 31 July 2011.
Highlights
Current year
Financial highlights
· Turnover from continuing operations increased by 53 per cent to £2.6m (6 months 2010: £1.7m)
· Adjusted* EBITDA from continuing operations of £0.6m (6 months 2010: loss of £0.5m)
· Overall profit for the period after tax of £0.8m, (6 months 2010: loss of £6.6m after impairment of £4.5m in relation to the acquisition of Xploite plc)
· Strong balance sheet at 31 July 2011 with £2.9m of cash and no debt (31 January 2011 net cash of £0.2m)
· The Avisen trading business generated revenues of £2.5m and adjusted* EBITDA of £1m
· The Storage Fusion trading business generated revenues of £0.2m and broke even at an adjusted* EBITDA level
· Disposed of Inca Software Limited (''Inca'') for £7.3m of cash resulting in an accounting profit on disposal of £0.4m, following the write-off of goodwill and intangible assets of £7.6m
*Adjusted for strategic, integration and other one off items
Operational highlights
· In July, a contract was signed with Unilever plc (''Unilever'') to supply a global cost to serve solution, demonstrating Avisen's ability in the 'Big Data' market
· Storage Fusion finalised the development of the Portal enabled Storage Resource Analysis ("SRA") product, which will enable it to be sold as 'Software as a Service'' (''SaaS'')
· In June, Storage Fusion signed a sales contract with a global information technology company for its SRA Software product
Post Balance Sheet Highlights
· On 7 October 2011, the Company announced a transaction to acquire the entire issued share capital of 1Spatial Holdings plc (''1Spatial'') for a consideration £4.7m to be satisfied by the issue of shares in Avisen ("the Transaction"). Subject to, inter alia, various shareholder approvals, the scheme is expected to become effective on 25 November 2011
· In September, Storage Fusion signed a further two contracts, with a US Storage Consultant and another global technology company