Sign In
19 Aug 2010 07:00
19 August 2010
Electronic Data Processing PLC (EDP)
Interim Management Statement
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 April 2010 to 18 August 2010.
Material Events and Transactions
On 3 August 2010 EDP announced that it had exchanged contracts to dispose of its freehold property, Beauchief Hall, Sheffield for a cash consideration of £2.3 million subject to shareholder approval. A circular will be sent to shareholders to convene an Extraordinary General Meeting in due course.
There were no other material events or transactions during the period under review.
Financial Position and Performance
Market conditions remain similar to those described in our interim statement released on 28 May 2010. Whilst we have continued to see a modest improvement in sales activity and order levels compared with the same period last year, customers and prospects remain cautious due to continued uncertainty in the economy generally.
Our recurring revenues remain strong and represent 81% of year to date turnover, consistent with the position at the half year stage. Our contracted recurring revenues fully cover our day to day cash operating costs.
The Group continues to have a strong, debt-free balance sheet.
Outlook
The economic climate remains uncertain and we expect current market conditions to continue for the remainder of the financial year. With our strong recurring revenues, prudently managed cost base and the continued enhancement of our software products we are well positioned for the future.
For further information please contact:
Julian Wassell Michael Berryman
Chief Executive Citigate Dewe Rogerson
0114 2622007 020 7282 2940
0791 232 7353
www.edp.co.uk
Follow the stocks
