AIT says profits above expectations
08 April 2004 | 4259 views | 0
UK-based AIT Group, a supplier of CRM software to the financial services sector, says it expects to report profits ahead of market expectations for the year ended 31 March 2004.
The group reported a 51% drop in turnover and operating losses of £16.7 million for the previous year ending 31 March 2003, but has since implemented a cost-cutting plan and reported modest trading profits.
In November, AIT posted a 19% increase in turnover for the six months ending September 2003 and a pre-tax profit of £1m, compared to losses of £37.8m for the previous year ago period.
In a trading update, AIT CEO Nick Randall says the firm has continued to build on its performance in the first half and will finish the year with cash balances of over £7m.
"Of particular note during the period has been the fulfilment of our strategy to focus on increasing the proportion of revenue derived from higher margin licence sales," says Randall.
The group will release preliminary results for the year on Tuesday 15 June 2004.
Shares in AIT moved up 3.5% to 73 pence on the news.