News blog
Proactis
- BY: Andrew Hore |
- POSTED: 31/10/2007 |
Spend control software supplier Proactis reported much improved results for the year to July 2007.
Turnover increased from £2.91m to £5.34m, with around two-thirds of the increase coming from acquisitions. The profit figures are complicated by one-off items. Stripping out non-recurring and share based payments charges the profits rose from £542,000 to £874,000. However there was around £600,000 of other charges relating to the setting up of the US business, additional development costs and duplicated overheads for acquired businesses. Net cash is £1.27m, although deferred acquisition payments could be more than that.
Sourcing software supplier Alito was acquired in April. There are cross-selling opportunities and the company has signed its first of these deals with Bristol City Council.
Longer-term, the US could be a significant market for Proactis software. One of the routes into the US is with Microsoft, selling on the back of its financial management software. It will take a while to establish the business but it should at least break even this year.
Landsbanki forecasts profits of £2.5m on turnover of £9.5m in 2007-08. Even adding back the £600,000 of costs that the company says shouldn’t be repeated this year that is still a big jump in profits.
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