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Prologic

  • BY: Andrew Hore |
  • POSTED: 15/12/2008 |

Retail software systems provider Prologic reported significantly lower interim profits.

Prologic had already warned that revenues would be lower in the six months to September 2008 but it also said that the business would be breakeven at the operating level. So a £26,000 operating profit, down from £610,000, and a £40,000 pre-tax profit were slightly better than expected. Net cash was £1.74m at the end of September 2008.

Recurring revenues account for 52% of the total interim revenues of £5.01m, down from £5.27m. The launch of the Software as a Service model should increase recurring revenues.

The shares recovered 5p to 27.5p each, which values Prologic at £2.75m. The illiquidity of the shares does tend to mean that there are sharp movements in the share price.

Annualised savings of £500,000 have been made. Analysts expect a small full year profit. 

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