Detica H1 profit up 35%

Source: Detica Group

Detica Group plc ('Detica', 'the Company' or 'the Group'), the business and IT consulting firm, today announces interim results for the six months ended 30 September 2006.

Key points:
  • Revenue up 57% (36% organic) to £68.3 million (2005: £43.5 million)
    • Government up 37% (35% organic) to £41.0 million (2005: £30.0 million)
    • Commercial up 103% (38% organic) to £27.3 million (2005: £13.5 million)
  • Strong profit before tax performance with adjusted Group PBT up 35% to £6.3 million (2005: £4.7 million)
  • Two acquisitions completed in the period
    • m.a.partners, an international consultancy business in the Capital Markets sector, for up to £38.1 million in cash and shares (or £33.8 million on a debt and cash free basis)
    • Inforenz, a business specialising in information forensics, for up to £2.2 million in cash (or £2.0 million on a debt and cash free basis)
  • Net debt of £1.6 million following acquisitions (2005: £18.0 million in cash)
  • Adjusted diluted earnings per share up 31% to 3.9 pence (2005: 3.0 pence) excluding the impact of the prior year R&D tax credit in 2005
  • Interim dividend up 25% to 0.625 pence (2005: 0.5 pence)

    Commenting on these results, Dr Tom Black, Chief Executive of Detica said today: "We are delighted with the performance of the Group over the last six months. T. The first half organic growth of our UK business was unusually strong in both our Government and Commercial sectors and was supplemented by our recent acquisitions. Following the acquisition of m.a.partners and several recent US National Security contract wins we are also seeing improved momentum in our US business after a slower than expected start to the year. In light of its first significant commercial success with an initial sale to BT Retail and the resulting positive market feedback, the Board has decided not to pursue external funding for StreamShield Networks but to continue to fund the business from Group resources for the foreseeable future at similar levels. We continue to see healthy demand for our services across our markets and the outlook for the Group therefore remains good."

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