eg solutions plc (“eg solutions” or “the Company”; LSE-AIM: EGS), the back office optimisation software company, announces its unaudited results for the year ended 31 January 2010.
Financial Highlights:
- Revenue increased 13 percent to £4.2m (2009: £3.7m)
- Pre-tax profit of £0.1m (2009: loss of £0.8m)
- Positive cash generation with net cash at year end of £0.4m (2009: £0.3m)
- Costs further reduced by £0.4m (9 percent) on prior year
Operational Highlights:
- New contract wins include Nationwide Building Society, Legal & General, one of the largest Nordic bancassurance groups and the healthcare division of one of South Africa’s leading financial services groups
- Awards won:
- Technology vendor with the ‘Most Innovative Financial Services Solution’ at the prestigious IFS Financial Innovation Awards 2009; and
- Highly commended in the Best Added Value Project category of the ICT Excellence Awards
- Post-year end, announced acquisition of XTAQ for up to £0.23m adding blue chip customer base, complementary products with an encouraging sales pipeline
On Current Trading and Outlook, Rodney Baker-Bates, non-executive Chairman stated:
“In recent months new orders signed with existing customers have demonstrated eg’s ability to sell more deeply and widely into our existing customer base. We have started this year with a solid order book which, together with contracted recurring revenues, account for over 50 percent of our expected revenues for the year (excluding XTAQ) as at today’s date.
“The acquisition of XTAQ should be earnings enhancing in the current year, based on contracted recurring revenues and expected immediate product sales. XTAQ has a significant sales pipeline; if satisfactory progress can be achieved in converting these prospects into firm orders, the potential for the enlarged group is good.
“After a very tough three years, eg is now well placed to deliver growth over the next year and beyond.”
Download the full announcement
Contacts
eg solutions plc
Elizabeth Gooch, Chief Executive Officer
01785-715772
Bankside
Steve Liebmann, Simon Bloomfield or Andy Harris
020-7367-8888
Arbuthnot Securities Limited
Tom Griffiths
020-7012-2000
About eg solutions plc
eg solutions plc is a global back off ice optimisation 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.