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Geong International is focusing on its top 30 clients in order to improve margins and cash collection.
Enterprise content management software provider Geong has renewed its core supplier agreement with IBM and done additional work for Chinese banks on their finance platforms. The change in strategy is still coming to fruition.
In the six months to September 2014, revenues edged up from £4.31m to £4.42m and cost reductions helped the loss to decrease from £439,000 to £174,000. There was a cash outflow of £1.08m from operations. Net debt was £1.98m at the end of September 2014 and there is also a £1m bond, which has been extended to 31 March 2015.
The order book is worth £10m, with £4m to be recognised as revenue in the second half.
At 4.13p a share, Geong is valued at £1.56m.
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