Back office optimisation software supplier eg solutions was hit by delayed orders last year but the company has got off to a strong start in this financial year as these orders arrive.
A third party component of the Nuqleus data capture software was replaced and this meant that sales did not come through in the second half. It also meant that R&D spending increased from £646,000 to £861,000. Five orders have been gained and two made some contribution to last year. The latest contract win is with a large international bank , which initially covers 3,250 users but could be many times that number.
Revenues fell from £5.15m to £4.71m in the year to January 2012, while underlying profit slumped from £451,000 to £146,000.
Recurring revenues account for 49% of total revenues.
At the end of January 2012, there was £64,000 in the bank but since then there has been a significant cash inflow. There is also a convertible loan note of £141,000 which is repayable in the autumn.
At 60.5p a share, eg solutions is valued at £8.65m.
The company has switched nominated adviser and broker from Arbuthnot to Panmure Gordon but there is no profit forecast yet.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2012_30.pdf
© 2007 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Advanced Power Components (APC) is buying out the minority shareholders in energy saving technologies supplier Minimise.
Warehouse data systems services provider Belgravium Technologies says that the current financial year has started slowly.
Online conveyancing services provider In-Deed Online says that trading remains challenging.
Hong Kong-based childrens’ educational services provider LZYE Group is raising up to £3m via a two-year convertible loan note issue.