Portrait Software - the UK CRM vendor formerly known as AIT - has raised £4.5 million in a share placing after turning in a profit for the second successive year.
Operating profit excluding exceptional income increased by 17 per cent to £1.5 million before exceptional income of £0.2 million (2004: £1.3 million before exceptional income of £1.0 million). Pre-tax profit is £1.4 million including exceptional income (2004: £2.0 million including exceptional income).
Revenues however slipped to £14.3 million from £19.6 million a year earlier, attributed primarily to lost income from services under new partner license sales.
Portrait says the £4.75 million fund raising will strengthen the balance sheet and provide additional working capital. The vendor intends to focus its R&D efforts on the emerging market for re-usable Application Platform Suites - pre-built software components that can be easily assembled and combined to meet specific customer requirements.