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Publishing Technology

  • BY: Andrew Hore |
  • POSTED: 07/03/2011 |

Publishing Technology reported flat revenues in 2010 but it is confident that it is well-placed to do better in 2011.

The publishing software and services provider says that contract renewals remain strong and it believes that there will be a need for publishers to invest more in technology so that they are up to date with digital systems. Contract wins late in 2010 have already provided a positive start to 2011 and since then some delayed contracts have come through. Secured revenues are higher than for any year since the company’s formation in 2007.

Revenues edged down from £15.3m to £15m but that was mainly due to the removal of lower margin business. Tight control of costs and a foreign exchange gain, following the previous year’s loss, helped profit before restructuring costs to improve from £345,000 to £672,000.

Cash generation from operations helped to reduce net debt from £2.88m to £2.37m by the end of 2010. There was a £154,000 R&D tax credit receipt. There are ongoing discussions about converting the company’s loan notes. That would leave the business with an overdraft facility – around £900,000 was utilised at the end of 2010 - and no other debt.

Publishing Technology will invest a further £2m in its technology this year.

At 56.5p a share, up 4p, Publishing Technology is valued at £4.75m. Aim-quoted investment company Brookwell has a 8.93% stake in Publishing Technology.

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