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15 Feb 2013 15:34
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15 February 2013
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Electronic Data Processing PLC (EDP)
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Interim Management Statement
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EDP, an IT solution provider to the UK wholesale distribution industry and a supplier of Sales Intelligence software more widely, today publishes an Interim Management Statement covering the period from 1 October 2012 to 14 February 2013.Β
Material Events and Transactions
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On 17 December 2012 we completed the disposal of our surplus freehold office in Bellshill, Scotland for Β£450,000. The carrying value of the property had previously been adjusted at 30 September 2012 to reflect the net sales proceeds. The disposal will result in an annual saving of property costs of approximately Β£35,000.
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There were no other material events or transactions.
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Business Performance
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Trading conditions and activity levels in the sectors we address remain similar to those experienced in the previous financial year. Continued uncertainty in the UK economy means that customers and prospects remain cautious.
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Financial Position
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Contracted recurring revenues, which relate principally to on-going software licence fees and hosting charges, remain strong and represent 80% of turnover year to date.
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We have a strong, debt-free balance sheet with cash balances of Β£5.9 million at 14 February 2013.
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Outlook
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We expect our customers to remain cautious whilst significant uncertainty remains in the UK economy.
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Our business model is strong and, with our on-going investment in our software products, we are well positioned for the future.
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For further information please contact:
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Julian Wassell Chief Executive 0114 2622010
James Storey Finance Director 0114 2622010 | Toby Mountford Citigate Dewe Rogerson 020 7638 9571 07710 356611 |
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www.edp.co.uk
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