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Portrait Software

  • BY: Andrew Hore |
  • POSTED: 25/11/2008 |

Portrait Software has reported an increased interim loss and is appointing a new chief executive.

The customer interaction optimisation software provider grew its revenues by 9% to £6.9m in the six months to September 2008 - as stated in the recent trading statement. That was helped by acquisitions.

The loss increased from £311,000 to £1.39m. R&D spending edged up from £1.7m to £1.8m. None of this was capitalised.

Net debt is £1.88m. Cash flow is normally better in the second half.

Luke McKeever will replace Nick Randall as chief executive in March 2009. McKeever will join the board on 1 December. His sales and marketing expertise was one of his attractions.

A slow second quarter has been followed by a recovery in trading. Recurring revenues are running at £10m a year.

At 4.25p a share, Portrait is valued at £5.03m. 

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