Software company smartFOCUS returned to profit in 2009.
The marketing and consumer relationship software provider reported a swing from a pre-exceptional loss of £1.2m to a £490,000 profit in 2009. Revenues grew 15% to £11.9m and 66% of these are recurring revenues. This marks the completion of the switch to a Software-as-a-Service model. Perpetual licences contributed 1% of revenues. The main growth in revenues was outside of Europe.
Earnings per share were 0.3p but this was after an unusually high tax charge. There are still some European tax losses but how fast they can be used is dependent on where profits are generated.
Net cash increased from £1.53m to £2.44m during the year.
Management is keen to spend some of its cash on acquisitions. This could be digital marketing technology businesses or companies that have customer bases in particular sectors.
Current trading is in line with expectations. The company has already secured 78% of expected 2010 revenues.
At 12p a share, smartFOCUS is valued at £11.3m.
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