Staffware, a global leader in business process management (BPM) software, today announces an update on its trading performance in respect of the year ended 31 December 2003, as follows:
* EBITDA increased by 25% to a record of approximately lb5 million for the year (2002: lb4 million).
* We continue to convert our EBITDA to cash, after allowing for on market purchases of Staffware shares for the Employee Benefit Trust of lb1.25 million and dividends paid in the year of lb1.1 million. Cash balances increased by approximately lb2.5 million over the last 12 months to approximately lb21.5 million at 31 December 2003. The group has no material debt.
* Sales revenue for 2003 was up approximately 10% to approximately lb43 million (2002: lb39 million) including fourth quarter sales revenue up approximately 7%, resulting in the fourth consecutive half year of sales growth.
* Licence revenues for the year were approximately lb22 million, representing approximately 50% of total sales revenue (2002: lb21.6 million, representing 55% of total sales revenue). Sales of BPM licences have reached record levels of approximately lb16 million, an increase of approximately 125% compared with 2002.
* Record revenues from our profitable Americas business of approximately $10 million, representing approximately 25% growth over 2002 in local currency.
* Annual maintenance revenues were approximately lb12.7 million (2002: lb9.1 million), an increase of approximately 40%. This represents approximately 30% of total revenues, compared with 23% in 2002, an encouraging trend reflecting both our growing customer base and the longevity of our customer relationships.
* Average licence order value by customer for the year increased to over lb100 000 for the first time, an increase of over 10% compared with 2002.
John O`Connell, Chairman and CEO of Staffware plc, commented: "This has been a profitable year once again, notable for the increase in our international spread of sales, with approximately 70% of our revenue outside of the UK, compared with 65% in 2002.
"During the year we have strengthened our position in our targeted markets including financial services and telecoms and have pioneered the take-up of BPM in emerging markets, such as in Poland. Our progress in the US is especially pleasing and provides the company with a solid platform for continued organic growth and the potential for acquisitions in America going forward.
"We are optimistic about our current prospects. This is despite the fact that decisions by potential customers on the uptake of enterprise-sized BPM software are often protracted due to their internal approvals processes. We feel we are well positioned to grow in our target geographic and industry sectors, while maintaining tight cost controls and cash management. We therefore look forward to continued success."
The above figures for 2003 are unaudited. Staffware expects to release its audited preliminary results for the year ended 31 December 2003 during March 2004.
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