OneClickHR reported better than expected profits for 2008.
The company moved from a loss of £46,000 to a profit of £304,000. Revenues fell from £6.34m to £5.85m.
OneClickHR develops human resources software, which is available online and offline. The size of customer accounts varies. Hilton Hotels is generating revenues of around £200,000 a year while other smaller customers are paying hundreds of pounds a year. OneClickHR hopes to migrate more of its older customers to new versions of its .NET product.
Chief executive Frank Beechinor-Collins says that sales cycles have not changed. They remain around three months.
The business is cash generative and cash doubled to £861,000. The company has gross tax losses of more than £8m.
Shares in OneClickHR rose by 0.625p to 5.25p each, which values the company at £7.81m.
House broker KBC Peel Hunt forecasts 2009 profits of £400,000.
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