Staffware, a workflow/business process management company, recently released its trading statement for the third quarter of 2002 sales revenues.
They were approximately lb8.1 million compared with lb7.9 million for the third quarter of 2001. Sales for the nine months to 30 September 2002 were approximately lb26.3 million, compared with lb27.1 million for the equivalent period in 2001.
Compared with the third quarter and the nine months of 2001, costs are estimated to be down by approximately 6% and 16% respectively. Earnings before interest, taxes, depreciation and amortisation (EBITDA) is expected to be close to breakeven for the third quarter, an improvement of approximately lb1 million compared with the third quarter of 2001.
EBITDA for the nine months to 30 September 2002 is approximately lb1 million, an improvement of approximately lb4.5 million compared with the equivalent period in 2001.Cash balances at 30 September 2002 are approximately lb18 million, an increase of approximately lb4 million over the last 12 months. The group has no material debt.
John O`Connell, Chairman and CEO of Staffware plc, comments: "I am pleased to report a solid performance in difficult market conditions for enterprise software vendors generally. Staffware`s proven BPM technology and the quality of our customer base and partner channel has enabled us to make a small advance in sales in the quarter at a time when many of our peer group are reporting significant declines.
"The opportunities exist for us to maintain our progress going forward, notwithstanding the current pressure on budgets for IT with the resultant more deliberate buying patterns. We continue our focus on profitable growth and look forward to the future with cautious optimism."
Note: Figures reported are unaudited.
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