Staffware reports upturn in sales

Staffware reports upturn in sales

Business process management vendor Staffware is reporting an upsurge in sales activity and return to profitability in the final quarter 2001.

In a trading update, the company says it now expects to break even at EBITDA level for the second half of 2001.

Cash balances improved by £2.0 million during Q4 and by approximately £4.0 million during the second half of 2001 to stand at £17.0 million at year end.

Staffware says Q4 Sales revenue for the period was approximately £11.0 million (£12.0 million in Q4 2000) compared with £7.9 million for Q3 2001, making total sales revenue for 2001 of approximately £38.0 million (£37.9 million in 2000)

Notable contracts signed in the quarter included those with EDS Credit Services (an EDS and Abbey National Joint Venture) in the UK. The company also signed its first OEM agreement - with Siemens Medical Solutions Health Corporation in the USA. In total, some 60 new contracts were signed in the quarter.

John O'Connell, chairman and CEO of Staffware says a focus on tight cost and cash management contributed to the profitable fourth quarter. "We remain cautiously optimistic about our prospects, although buyers are still taking a more measured approach before committing to enterprise-sized contracts."

Staffware expects to release preliminary results for the year ended 31 December 2001 on 27 February 2002.

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