Staffware Interim results (six months ended 30 June 2002)
Announcement posted by Staffware 06 Sep 2002
EBITDA of over 1 million; Interim dividend reinstated
Staffware, a leader in business process management (BPM)/workflow software, today announces interim results for the six months ended 30 June 2002.
Highlights include:
Financial
* Positive EBITDA of 1.1m - H1 2001: (2.4m loss)
* Profit before tax and pre amortisation of 0.9 million - H1 2001: (2.6m loss)
* Profit before tax 0.4 million - H1 2001: (3.4m loss)
* Revenue was 18.2m - H1 2001: 19.1m
- Revenue for Q2 2002 increased 7% to 10.1m - Q2 2001: 9.5m
* Cash resources increased to 20.2m and no material debt - H1 2001: 12.9m
* Reinstated interim dividend of 1.0p per ordinary share - H1 2001: nil
* Maintenance revenue increased by 15% to 4.3m - H1 2001: 3.7m
* Licence sales of 9.9m - H1 2001: 10.3m
- Licence sales in Q2 2002 increased 14% to 5.8m - Q2 2001: 5.1m
* Costs reduced by 20% in the period
* R&D investment of 3.4m, representing 19% of sales - H1 2001: 4.1m, 21% of sales
Business Development
* Two notable 1.0m+ Enterprise contracts won:
- ABN Amro Bank NV in the Netherlands and ABN Amro North America
- Bank of Ireland Group in Dublin
* Eight other licence contracts in excess of 250,000
* Average licence value per order increased by 41% compared with H1 2001
* Ongoing product development; impending release of new version of iProcess
John O'Connell, Chairman and Chief Executive Officer, Staffware plc, said: "I am very pleased to report we have returned to profitability in this first half. This is due largely to our success in establishing ourselves in the emerging BPM market and continuing to build on our strength in the workflow industry. We have successfully kept costs under tight control and will continue to do so. We believe we have the technology, customer base, track record, partners and staff to enable us to take a leadership position in the BPM market."
Highlights include:
Financial
* Positive EBITDA of 1.1m - H1 2001: (2.4m loss)
* Profit before tax and pre amortisation of 0.9 million - H1 2001: (2.6m loss)
* Profit before tax 0.4 million - H1 2001: (3.4m loss)
* Revenue was 18.2m - H1 2001: 19.1m
- Revenue for Q2 2002 increased 7% to 10.1m - Q2 2001: 9.5m
* Cash resources increased to 20.2m and no material debt - H1 2001: 12.9m
* Reinstated interim dividend of 1.0p per ordinary share - H1 2001: nil
* Maintenance revenue increased by 15% to 4.3m - H1 2001: 3.7m
* Licence sales of 9.9m - H1 2001: 10.3m
- Licence sales in Q2 2002 increased 14% to 5.8m - Q2 2001: 5.1m
* Costs reduced by 20% in the period
* R&D investment of 3.4m, representing 19% of sales - H1 2001: 4.1m, 21% of sales
Business Development
* Two notable 1.0m+ Enterprise contracts won:
- ABN Amro Bank NV in the Netherlands and ABN Amro North America
- Bank of Ireland Group in Dublin
* Eight other licence contracts in excess of 250,000
* Average licence value per order increased by 41% compared with H1 2001
* Ongoing product development; impending release of new version of iProcess
John O'Connell, Chairman and Chief Executive Officer, Staffware plc, said: "I am very pleased to report we have returned to profitability in this first half. This is due largely to our success in establishing ourselves in the emerging BPM market and continuing to build on our strength in the workflow industry. We have successfully kept costs under tight control and will continue to do so. We believe we have the technology, customer base, track record, partners and staff to enable us to take a leadership position in the BPM market."