March 25, 2009
eg solutions plc (“eg solutions” or “the Company”; LSE-AIM: EGS), the operations management software company, announces its unaudited results for the year ended 31 January 2009.
Key points:
- Revenue was £3.7m (2008: £4.1m).
- Prior year results have been restated to reflect a change in R&D expenditure and amortisation.
- Gross margins were 51% (2008: 65%; restated 2008: 70%), reflecting in part an increased use of sub-contractors.
- The loss before tax was £0.75m (2008: £0.82m; restated 2008: £0.60m).
- The loss per share was 5.5p (2008: 5.0p; restated 2008: 3.8p).
- Net cash at the year-end was £0.26m (2008: £0.88m) and currently is at a higher level.
- Investment in capitalised R&D was £0.53m (2008: £0.71m; restated 2008: £0.82m).
- New contract wins in the year included Nationwide Building Society’s Specialist Lending and Regional Brands, Co-operative Financial Services, Co-operative Travel Group and Resolution Health in South Africa.
On Outlook, Rodney Baker-Bates, non-executive Chairman stated:
“In the period end trading update issued in January 2009 we noted that our pipeline of potential sales was stronger than at any time in the past 24 months. That continues to be the case and our focus is on converting this potential into signed contracts. While trading conditions are difficult and customer decision times are longer, steady progress is being made in closing new sales contracts.
“Meanwhile, the Company’s net cash deposits have increased since the year-end; together with a bank facility for the forthcoming financial year, this provides adequate financing for the foreseeable future.”
Please click here to download the full announcement.
CONTACTS
eg solutions plc
Elizabeth Gooch, Chief Executive Officer
Today: Tel +44 (0) 20 7367 8888
Thereafter: Tel + (0) 1785 715772
Bankside
Steve Liebmann, Simon Bloomfield or Andy Harris
Tel +(0) 207 367 8888
Brewin Dolphin Ltd (Nominated Adviser)
Mark Brady, Director Corporate Finance
Tel +44 (0) 845 213 4748
