Staffware, a leader in business process management (BPM) software, today announces preliminary audited results for the 12 months ended 31 December 2003. Highlights include:
Financial highlights
Dividend
Significant increase in dividend: final dividend increased 25% t* 5.0p per ordinary share (2002: 4.0p) making a total of 7.0p for the year, an increase of 40% (2002: 5.0p)
Sales revenue
* Sales of BPM licences increased 128% t* lb16.4 million (2002 lb7.2 million), 75% of licence revenue (2002: 33%)
* Overall increase in annual revenue of 9% t* lb42.7 million (2002: lb39.0 million)
* Record deferred revenue of lb9.6 million, an increase of 19% (2002: lb8.1 million)
* Recurring support revenue increased 41% t* lb12.8 million (2002: lb9.1 million)
* Licence revenue was lb21.9 million, 51% of total revenue (2002: lb21.6 million, 55%)
* Average order value for licences increased 10% t* lb103 000 from lb94,000
* Successfully completed a number of high profile solutions projects in the year
Profits
* Profit after tax increased 38% t* lb2.2 million (2002: lb1.6 million)
* Profit before tax increased 35% t* lb3.5 million (2002: lb2.6 million)
* EBITDA increased 20% t* lb4.8 million (2002: lb4.0 million)
Cash
Cash resources increased by 15% t* lb21.8 million (2002: lb19.0 million)
R&D
lb7.5 million invested in 2003, an increase of 6%, representing 18% of sales (2002: lb7.1 million, 18%). Significantly higher than the UK and global software industry averages of 7% and 11% respectively.*
EPS Earnings per share pre goodwill increased 23% t* 22.7p (2002: 18.4p)
Business development highlights
9 lb500 000 plus contracts in 2003 (2002: 7) including:
John O`Connell, Chairman and Chief Executive Officer, Staffware plc, said: "I am very pleased t* report that Staffware has delivered record results this year at a time when trading conditions for IT companies have continued t* be challenging.
"Recognition is fast growing, globally, of the benefits which BPM brings t* our customers, in terms of more streamlined, efficient processes for dealing with their customers, citizens, staff and suppliers, by leveraging their existing investments in IT. This growing appreciation is stimulating greater interest from the analyst and partner communities. With our best of breed BPM software, Staffware is well placed t* take advantage of the resultant opportunities. We are continuing t* enhance our competitive position by investing in additional sales and distribution capability, internationally, as well as further development of our core products and related process frameworks."
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