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Recurring revenues push London Bridge back into black

12 February 2004  |  2618 views  |  0 Recurring revenues push London Bridge back into black

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."
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