Last checked at 14 Jun 2016 07:00
14 June 2016
Dillistone Group Plc
("Dillistone" or the "Group")
AGM Trading Update
At the Annual General Meeting of Dillistone Group Plc, the AIM quoted supplier of software to the recruitment industry, being held at 10:30 am today, Mike Love, Chairman of Dillistone, will make the following trading statement:
"In our Preliminary announcement in April, I noted the increase in new business orders in Q1 2016 in both divisions compared to the same period in 2015. Additionally, I referenced our ongoing investment in building the business to ensure that it remains competitive. I also mentioned that a growing proportion of business is on a recurring basis, which is positive longer term but has less impact on short term realised revenues as revenue recognition is over a longer period.
"At the time of the Preliminary announcement, we explained that Dillistone Systems had enjoyed a 70% increase in year on year new business orders. I am pleased to announce that this growth has continued and, indeed, accelerated, with orders up by more than 100% by the end of May when compared to the previous year. We announced last week that May also saw us implement over 800 licences within the month - believed to be a record for the Division.
"Our Voyager Software division is also seeing new business orders continuing to be significantly ahead of the same period in 2015. This division offers several products and performance varies across the range, but a combination of improved orders, a strong pipeline of new business orders, and our ongoing investment in product development gives us great hope for the remainder of the year.
"Despite our excellent performance in the market, the Group has noted a softening of the economic environment over recent weeks. While we continue to win new contracts, it is apparent that many recruitment firms are not currently hiring additional staff, resulting in a reduction in the normal flow of incoming licence orders from existing clients. We would hope that with the Brexit vote imminent this will prove to be a short term phenomenon.
"Nevertheless, we are pleased to confirm that the Group currently remains confident of delivering growth in revenue and pre-tax profit and meeting expectations for the full year. We reiterate our belief that the second half of 2016 will be better than the first half. The first half of the year is likely to show revenue growth when compared to the same period in 2015, but a slightly lower level of pre-tax profit, reflecting increased costs and depreciation. However, it is expected to show improvement over the second half of 2015.
"In light of these points, the Board is optimistic for the future."
Enquiries:
Dillistone Group Plc |
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Mike Love | Chairman | 020 7749 6100 | |
Jason Starr | Chief Executive | 020 7749 6100 | |
Julie Pomeroy | Finance Director | 020 7749 6100 | |
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WH Ireland Limited (Nominated adviser) |
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Chris Fielding | Head of Corporate Finance | 020 7220 1650 | |
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Walbrook PR |
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Tom Cooper / Paul Vann |
| 0117 985 8989 | |
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| 0797 122 1972 | |
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| tom.cooper@walbrookpr.com | |
Notes to Editors:
Dillistone Group Plc (www.dillistonegroup.com) is a leader in the supply and support of software and services to the recruitment industry. It has four trading businesses operating through two divisions: Dillistone Systems, which targets the executive search industry (www.dillistone.com); and Voyager Software, which targets other recruitment markets (www.voyagersoftware.com).
Dillistone has made three acquisitions: Voyager Software in September 2011, FCP Internet in July 2013 and ISV Software in September 2014. The Group operates under the FileFinder, Infinity, Evolve and ISV brands.
Dillistone was admitted to AIM, a market operated by the London Stock Exchange plc, in June 2006. The Group employs over 100 people globally with offices in London (head office) Basingstoke and Southampton, Frankfurt, New Jersey and Sydney.