Credit and debt management software house London Bridge has edged back into the black for the year ending 31 December 2003, despite reporting a six per cent fall in annual revenues to £58.2 million.
Operating profit at London Bridge nudged above break-even to £329,000 against losses of £48.3 million in 2002, including £35.9m in goodwill impairment. Profit before tax and goodwill amortisation increased to £4.1 m (2002: £0.7 m after also excluding exceptional items). Cash generation and year-end cash balances remained relatively stable at £6.8 million and £22.2 million respectively.
The company, which invested 21% of its revenues (£12.3 million) in R&D, was rewarded with growth in recurring revenues from e-services and maintenance to 54% of group revenue.
Says chairman Gordon Crawford: "Our R&D investment has enabled us to launch the Web versions of Debt Manager and RMS; several new BridgeLink services which are already generating additional recurring revenue; as well as important additional functionality and regulatory releases in the rest of our product suite."