Staffware, a leader in business process management (BPM) software, today announces an update on its trading performance in respect of the second quarter and first half of 2003.
The company is expected to achieve a significant improvement in EBITDA:
* Approximately lb1.6 million for Q2 (Q2 2002: lb1.4 million), an increase of approximately 12%.
* Approximately lb2 million for the H1 (H1 2002: lb1.1 million), an increase of approximately 76%.
* Sales revenues for Q2 have increased by 18% to approximately lb12 million (Q2 2002: lb10.1 million). Q2 sales have increased by 32% over the previous quarter.
* Sales revenues for H1 have increased by 15% to approximately lb21 million, a record for any half-year (H1 2002: lb18.2 million).
* Licence sales for Q2 increased by 21% to approximately lb7.0 million, representing 59% of total sales revenues (Q2 2002: lb5.8 million, representing 57% of total sales revenues).
* Licence sales for H1 have increased by 17% to approximately lb11.6 million, representing 55% of total sales revenues (H1 2002: lb9.9 million, representing 54% of total sales revenues).
* In Q2 sales of our BPM software, the iProcess Engine, increased by 122% to approximately lb6 million or 50% of total sales revenues (Q2 2002: lb2.7 million or 26% of total sales revenues). We have sold approximately lb21 million since its launch in Q4 2001.
* Cash balances were approximately lb21 million at the end of June 2003, with no material debt (30 June 2002: lb20.2 million).
* Recurring support revenues on an annualised basis, have increased by 19.7% to approximately lb13.4 million since the beginning of the financial year (2002: lb11.2 million).
Ten notable contracts of over lb250 000 were signed in Q2 (Q2 2002: 6) including:
* Netherlands: ABN Amro; KPN; Nuon
* UK: A major bank*
* US: ADP Financial Services Inc (approximately lb700 000 expected to be delivered and recognised in H2) and a major bank*
* SA: Mutual & Federal
* Spain: Gobierno de Canarias
* India: A major organisation*
* Australia: Aon Consulting
John O`Connell, Chairman and CEO of Staffware plc, commented: "These excellent results build on last year`s record performance and we are delighted to announce that our growth rate has accelerated compared to the first quarter of the year. The increase in licence sales is especially noteworthy in a market which is still cautious about making any significant commitments to enterprise software. During the second quarter we received 10 orders in excess of lb250 000, including the largest single contract in the company`s history from a major UK bank, together with an important win in the US from ADP Financial Services.
"The combination of our top line sales growth, the successful launch of Version 2 of our BPM software in April this year and our prominence in recent IT industry surveys, most notably the Gartner 'Magic Quadrant` on pure play BPM vendors (Staffware identified as a leader along with only three other companies), positions us well to capitalise on commercial and government opportunities going forward. As demonstrated by these results, Staffware is consistently proving that its technology can achieve real benefits and efficiencies for its customers at a time when other enterprise software solutions are failing to deliver. Despite the generally cautious environment for most IT investments, we are confident that Staffware can continue to build on this success."
Note: Figures reported are unaudited.
* Contract prohibits publicity.
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