Recruitment software provider Bond International Software reported a much improved interim performance.
Revenues increased 40% to £18.4m in the six months to June 2011, which includes organic growth of 13%. The acquisitions of US software business VCG and the remaining 50% of Strictly Education contributed the rest of the growth. The comparative figures were for a weak trading period so the improvement is effectively a recovery from a low point. Recurring revenues are £11m and VCG brought additional software rental sales. Underlying pre-tax profit rose from £264,000 to £1m.
Bond is cautious about short-term prospects in the US and UK but it believes that growth will come from Asia Pacific in the medium-term. The education outsourcing business continues to win new schools as customers.
Net debt was £2.3m at the end of June 2011. The disposal of Abacus Software raised £1.8m.
At 43.5p a share, Bond is valued at £15.9m.
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