Delcam has reported record interim revenues.
The CAD/CAM software company had a poor second half in 2007 due to currency movements but it has bounced back in the six months to June 2008. It was interesting that currencies were not mentioned in today’s results announcement.
Group revenues rose from £14.5m to £16.9m. Recurring revenues increased 16% to £5.1m. Pre-tax profits moved ahead by 13% to £1.42m, although earnings per share were held back by the £6.1m share issue to Renishaw last year.
Delcam invested £4.5m on R&D in the six month period, against £4.1m in the first half of 2007. Net cash was £5.8m at the end of June 2008.
The interim divided was increased from 1.25p to 1.35p a share.
The improvement has been achieved even though Japan and Australia were below expectations. Sales in Brazil, Russia, India and China were particularly strong. European sales were also higher.
There is understandable caution about how the second half will pan out.
The shares rose 19p to 287.5p, valuing Delcam at £22.2m. The shares placed with Renishaw in April 2007 were priced at 400p each.
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