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Rubicon Software

  • BY: Andrew Hore |
  • POSTED: 17/11/2009 |

Rubicon Software managed to reduce its loss even though revenues were hit by the loss of financial customers.

The Accelerator customer relationship management software developer reported a fall in revenues from £1.23m to £874,000 in the year to June 2009, which represents a fall in revenues between the first and second halves. The full year loss declined from £262,000 to £194,000. Capitalised development spending fell from £213,000 to £39,000.

The £1m contract won from car and motorcycle loans provider First Response Finance started on 1 July 2009. This provides a strong starting point for business this year and advanced payments have swelled the cash position. This has enabled Alistair Hancock to remove his personal guarantee over the company’s overdraft. Net debt was £58,000 at the end of June 2009.

Information Systems Associates Inc has invested in Rubicon and become its US reseller.

At 1.75p a share, Rubicon is valued at £700,000.

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