26 May 2010 07:00
| IMMEDIATE RELEASE | 26 May 2010 |
eg solutions plc
AGM STATEMENT
eg solutions plc ("eg" or "the Company"; LSE-AIM: EGS), the operations management software company, is holding its Annual General Meeting at 10.30am today, at which Rodney Baker-Bates, the non-executive Chairman, will make the following statement:
"When we reported results for the year ended 31 January 2010, we indicated that, having returned to profit after three tough years, eg was well placed to deliver growth for the current year and beyond. I am delighted to report that the Company's trading performance for the first quarter of the current financial year continues to support that optimism.
Our ability to sell our products and services more widely and deeply across our customer base is resulting in strong recurring revenues which, combined with new customer wins, gives us a solid order book with approximately 60% of anticipated revenues for the year to 31 January 2011 already contracted.
Our South African subsidiary has made a strong start to the year. Implementation of the £525,000 contract, signed in April 2010, with one of South Africa's leading investment administration companies, is now underway and we are actively pursuing other opportunities. We anticipate that our South African business will make a positive contribution to profit for the current financial year.
Expectations for the current year are further underpinned by an encouraging performance by XTAQ, the business performance measurement software and associated services company, we acquired in March 2010. Integration is progressing well and there are good indications that the sales pipeline of its Nuqleus 3D product will convert as expected.
The strong trading performance has resulted in positive cashflow so far in the current year, with net cash deposits of approximately £0.74m at 25 May 2010 up from approximately £0.4m at 31 January 2010.
Overall, we remain confident that eg is well placed to deliver profitable growth for the current year and beyond."
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CONTACTS
| eg solutions plc | 01785-715772 |
| Elizabeth Gooch, Chief Executive Officer | www.eguk.co.uk |
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| Bankside | 020-7367-8888 |
| Simon Bloomfield or Rose Oddy |
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| Arbuthnot Securities Limited | 020-7012-2000 |
| Tom Griffiths |
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About eg solutions plc
eg solutions plc is a global operations management software company. Our software provides historic, real-time and predictive Operational MI. When implemented with our training programme for managers and team leaders to use this intelligence, we guarantee improvements in operational results in short timescales.
The Company, which is listed on the Alternative Investment Market ('AIM') of the London Stock Exchange, is committed to customer satisfaction and the ongoing development of its operations management solutions.