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Avisen
- BY: Andrew Hore |
- POSTED: 30/10/2009 |
- COMMENTS: Add yours
Avisen reported a profit in the first half.
The technology performance management consultancy made a profit of £92,000 on revenues of £2.23m in the six months to July 2009. Losses from acquisitions held back the profit.
There was a £335,000 cash outflow from operations. Avisen also spent £281,000 on product development. Avisen had cash of £754,000 at the end of July 2009.
The order book is worth £1.5m and there is a strong pipeline of business.
Administrators were appointed to recent acquisition Inca Technology and the assets have been sold to a third party. Avisen is the largest creditor of Inca but there is no news of any distribution to creditors. Enterprise software developer Inca Technology was a subsidiary of Inca Holdings and lost £908,000 on revenues of £380,000 in the year to February 2009.
At 13.25p a share, Avisen is valued at £18.8m.
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