Business process management outfit Staffware is celebrating record first half revenues, marked by a slew of new orders from European banks, including ABN Amro in the Netherlands and a multi-million pound enterprise-wide agreement from a major UK institution.
Staffware is reporting first half earnings before tax and deductions of approximately £2 million, up 76% on Ebitda of £1.1 million posted in H1 2002.
Sales revenues for Q2 have increased by 18% year-on-year to approximately £12 million (Q2 2002: £10.1 million) and 32% sequentially. First half sales of £21 million are 15% up on 2002 and are a record for the company.
Licence sales for Q2 increased by 21% to approximately £7 million, representing 59% of total sales revenues, and for H1 by 17% to approximately £11.6 million. BPM software sales in Q2 increased by 122% to £6 million, or 50% of total sales revenues. The company says it's iProceee Engine software has garnered £21 million in sales since launch in Q4 2001.
John O'Connell, chairman and CEO of Staffware, comments: "Despite the generally cautious environment for most IT investments, we are confident that Staffware can continue to build on this success."
Staffware says ten notable contracts of over £250,000 were signed in Q2, including the largest single contract in the company's history from a major UK bank, together with an important win valued at £0.7 million in the USA from ADP Financial Services. Sales also included repeat orders from existing customers broadening the scope of BPM within their organisations. For example, ABN Amro is extending its existing contract with Staffware to cover credit and loan processing
The UK firm says that in the last few weeks, it has received orders from the banking sector to the value of £6.5 million.
The company claims that its BPM software is used by five of the top seven banks as identified in research published by Mercer Management Consulting.