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eg solutions

  • BY: Andrew Hore |
  • POSTED: 21/09/2011 |

Back office optimisation software provider eg solutions nearly doubled its profit in the six months to July 2011 and it is on course to meet expectations for the full year. 

Revenues grew 10% but a greater proportion were software licences so gross margins improved. Lower margin services contributed 19% of revenues compared with 30% in the corresponding first half. Operating costs were held steady and this enabled profit to rise from £78,000 to £279,000.

Cash flow was strong and cash increased from £487,000 to £916,000 at the end of July 2011 even after £351,000 was spent on buying back shares.

House broker Arbuthnot forecasts a full year profit of £600,000 on revenues of £5.9m. The company has already secured two-thirds of the revenues figure and the business has always been second half weighted.

At 61p a share, eg solutions is valued at £8.79m.

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