Corero PLC, the specialist provider of software solutions to the banking & securities and education markets, announces its preliminary results for the year ended 31 December 2006.
All comparisons are for the eight months ended 31st December 2005.
- Record revenues of £6.3 million (2005 £2.1 million)
- Financial Markets Division increased revenues to £3.9 million (2005 £0.8 million)
- Business systems sales grew to £2.4 million (2005 £1.3 million)
- Record adjusted pre-tax profits of £0.4 million (2005: loss £0.8 million)
- Both divisions profitable
Adjusted Earnings per share of 1.1 p (2005 loss 2.9 p) - 2005 acquisitions of Blue Curve and Eclipse Learner Systems were successfully integrated and performed above expectations
- First US sales for Financial Markets Division
- 24 new clients added, taking the total to 288.
- Annual recurring revenue base increased by 47% to £2.8 million at 31 December 2006
- Previously reported delayed large license agreement anticipated during the first half of 2007
Jarlath McGee, Chief Executive, said: "It has been a year of significant change with the acquisitions of Blue Curve and Eclipse and we are delighted by the overall performance of the business. The Group now operates from a much broader base with significant recurring revenues, creating a much stronger financial position.
"We expect the momentum built in 2006 to continue and our sales pipeline to grow in size and quality. We plan to open our first overseas office in the USA in the first half of 2007 to support our existing USA revenue stream and to enable us to increase our presence in the large North American market with minimum exposure. We anticipate further sales there in 2007 and beyond."
Read the full statement here:
Download the document now 174.3 kb (Adobe Acrobat Document)