Last checked at 1 Feb 2012 07:00
1 February 2012
Dillistone Group Plc
("Dillistone" or the "Group")
Pre-Close Trading Update
The board of Dillistone, the AIM quoted supplier of software for the international recruitment industry, through its subsidiary companies Dillistone Systems and Voyager Software, is pleased to announce that, for the year ended 31 December 2011, it expects pre-tax profits (prior to one off deal costs and amortisation of acquisition goodwill) to be in line with market expectations. The Group noticed a softening in market conditions towards the end of the financial year although a series of larger than average order wins, including one with a FTSE 100 firm, have helped to ensure that the Group will enter 2012 with a record level of recurring revenues.
Voyager Software, acquired in September 2011, made a positive contribution to the Group's performance in the year and should add to the Group's recurring revenues in 2012. The enlarged organisation is already benefiting from a number of synergies identified prior to the acquisition and these savings should also support the performance of the Group in 2012.
During the year, the Group financed over £1m of the monies paid for Voyager Software and the associated deal costs from its own cash resources. The Group continues to have no debt and at 31 December 2011 unaudited management accounts show that it had cash balances of approximately £1.6m (2010: £2.1m), which is higher than forecast at the time of the acquisition. The board of Dillistone intends to maintain its current dividend policy.
Contacts:
Mike Love (Chairman) Dillistone Group Plc 020 7749 6100
Jason Starr (Chief Executive) Dillistone Group Plc 020 7749 6100
Julie Pomeroy (Finance Director) Dillistone Group Plc 020 7749 6100
Emily Staples (Nomad) Religare Capital Markets 020 7444 0800
Daniel Briggs (Broker) Religare Capital Markets 020 7444 0500
Tom Cooper Winningtons Financial PR 020 3176 4722
0797 122 1972
tom.cooper@winningtons.co.uk
Notes to Editors:
Dillistone Group Plc (www.dillistonegroup.com) is a leader in the supply and support of recruitment software. It has two main trading businesses: Dillistone Systems, which targets the executive search industry (www.dillistone.com) and Voyager Software which targets other recruitment markets (www.voyage.co.uk). Dillistone was admitted to AIM, a market operated by the London Stock Exchange plc, in June 2006.