Staffware, a leader in business process management (BPM)/workflow software, today announces interim results for the six months ended 30 June 2003. Highlights include:
Financial
o EBITDA of lb2 million, an increase of 76% - H1 2002: lb1.1 million
o Profit before tax and pre goodwill amortisation of lb1.9 million, up 103% - H1 2002: lb0.9 million
o Profit before tax lb1.3 million, up 237% - H1 2002: lb0.4 million
o Earnings per share (pre amortisation) 8.9p, up 123% compared with 4.0p H1 2002
o R&D up 5% to lb3.6 million (17% of sales compared with 19% H1 2002)
o Total revenue increased by 15% to lb21.0 million - H1 2002: lb18.2 million
o Revenue for Q2 2003 increased by 18% to lb12 million - Q2 2002: lb10.1 million
o Licence revenues increased by 17% to lb11.6 million - H1 2002: lb9.9 million
o Cash increased to lb21.3 million and no material debt - H1 2002: lb20.2million
o Cash generated in period was lb2.3 million with significant collections since 30 June 2003
o Interim dividend doubles to 2.0p per ordinary share - H1 2002: 1.0p
o Recurring support revenues increased by 40% to lb6 million - H1 2002: lb4.3 million
Business development
o 13 notable licence contracts of over lb250 000 signed (H1 2002: 10 contracts);
notable contracts in Q2 alone (Q2 2002: 6 contracts)
- Netherlands: ABN Amro, KPN, Nuon and a large government institute*
- UK: DEFRA, Global Home Loans and a major bank*
- US: ADP Brokerage Services and a leading financial services institution*
- SA: Mutual & Federal
- Spain: Winterthur and the Government of the Canary Islands
- India: Employees Provident Fund Organisation
John O`Connell, Chairman and Chief Executive Officer, Staffware plc, said: "We have achieved these very strong results in a market which continues to be cautious about making significant IT investments. This demonstrates the strength of our BPM and workflow technologies. We are confident that the combination of our proven technologies, our blue chip customer base and our strong balance sheet will enable us to further build on the consistent success of the last two years."
* Contract prohibits publicity.
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