Reporting a loss before tax of £1.9 million for the year to December 2001, Staffware is taking comfort from a return to profitability in the second half and encouraging sales for its new Web-based business process software suite.
John O’Connell, Staffware chairman and CEO, says the second half results are particular promising after a challenging start to the year. "This is especially encouraging in light of the continuing adverse environment for the IT industry in general. Our move into the BPM (business process management) market with the Staffware Process Suite has been most successful with £5.3 million of sales achieved since launch," he says.
Ebitda for the second half was £0.6 million (2000 : £1.2 million), compared with a first half loss of £2.4 million. A £1.9 million loss for the year as a whole compares with earnings of £4.3 million in 2000.
Revenues in the fourth quarter of 2001 of £11.2 million represent an increase of 40% on the previous quarter’s revenue of £7.9 million. Sales for the full year show only a modest upturn to £38.2 million (2000 : £37.9 million). The total number of licence customers in 2001 increased by nine percent, although the value of these contracts was lower.
Staffware chairman O'Connell says he is "cautiously optimistic" about prospects, with new products coming onstream in the year ahead, including the release of a new pre-built, customisable application framework for the retail mortgage market by the end of March.