Staffware, a leader in Business Process Management (BPM) software, today announces preliminary audited results for the 12 months ended 31 December 2002. Highlights include:
Financial
* Return to positive EBITDA of lb4.0 million (2001: lb1.9 million loss)
* Profit before tax of lb2.6 million (2001: lb3.3 million loss)
* Record profit after tax of lb1.6 million (2001: lb3.7 million loss)
* Increase in annual revenue to lb39.0 million (2001: lb38.2 million)
* Cash resources continued to increase to lb19.0 million (2001: lb17.3 million)
* Significant increase in dividend: final dividend of 4.0p per ordinary share; making a total of 5.0p for the year (2001: 1.0p)
* Continued high investment in new product development: lb7.1 million invested in 2002, 18% of sales (2001: lb7.5 million). UK and global software industry averages of 5.8% and 10.2% respectively.
* Earnings per share pre goodwill 18.4p (2001: 18.5p loss)
* Record revenue in Q4 of lb12.7 million representing 14% increase on Q4 2001.
Business Development
Signed 22 lb250,000 plus contracts in 2002 (2001: 19), including:
* UK: Government contracts DVLA, Environment Agency
* USA: ABN Amro and ABFS (diversified financial services)
* Hong Kong: PCCW has chosen Staffware to implement a workflow solution in respect of the Smart Identity Card System for the Immigration Department of the Government of the Hong Kong Special Administrative Region
Staffware identified number 1 BPM dedicated specialist by Aberdeen Group (September 2002)
John O`Connell, Chairman and Chief Executive Officer, Staffware plc, said: "We are delighted to report a return to profitability for the full year 2002 and record sales levels. These strong results are due to the strength of the Staffware offering and our focus on tight cost controls. Our blue chip customer base and the solid financial state of the business - profitable, debt free and cash generative - ideally position us to further strengthen our position in the emerging BPM market.
"Going forward the Board will continue to manage the growth of the business both organically and by acquisition to increase shareholder value."
*Source: The 2002 R&D Scoreboard; Department of Trade and Industry
Enquiries:
Staffware plc (www.staffware.com) +44 (0) 20 7638 9571
John O`Connell, Chairman and Chief Executive Officer (for today only)
Tim Perks, Chief Financial Officer
Citigate Dewe Rogerson +44 (0) 20 7638 9571
Peter Pender Cudlip, Sara Batchelor, Fiona Bradshaw
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