Revenues increased by 75%27 Sep 2010 08:11
Financial highlights of the year
§ Revenues increased by 75% to £38.3m (2009: £21.9m). Revenues excluding those from current year acquisitions increased by 44% to £31.5m (2009: £21.9m)
§ Profit before taxation up 32% to £5.4m (2009: £4.1m)
§ EPS up 9% at 4.07 pence (2009: 3.72p)
§ Strong cash generation with a net cash position as at 31 May 2010 of £18.6m (2009:
£14.7m)
§ Major investment in next-generation Medway products rewarded with key strategic contract wins
§ Acquisition of Liquidlogic Limited in July 2009 for a total consideration of £10.2m giving System C entry into the social care IT market
§ Acquisition of Conscia Enterprise Systems Limited in October 2009 for a total consideration of £0.8m, strengthening the Group's expertise in web-based technologies
§ Total dividend increased by 14% to 0.75p for the full year
Dr Ian Denley, Chief Executive of System C, commented:
"We are pleased to have turned in another strong performance across the Group over the period.
"This is a time of great upheaval for the NHS, in both policy and economic terms, with changes underway that are generating both risks and opportunities.
"At System C, we are completing our 5-year strategic investment in our Medway software and bringing the products to market at a time when NHS Trusts have been newly freed from central purchasing obligations. We are now experiencing a surge in procurement activity, and have already achieved strategic contract wins, including The Royal Devon & Exeter NHS Foundation Trust.
"As stated in our recent trading update, services revenues are down but holding steady and the sales pipeline for Medway has never been stronger. We are expecting PAS/EPR procurements to complete during the next calendar year and Medway revenues are already starting to come through."
"We are very excited about these new product opportunities, and believe they will provide us with increased predictability of revenues and an excellent platform for growth next year and beyond ".
Sign In
Follow the stocks
