Portrait Software narrows losses as license revenue shows uptick

Source: Portrait Software

Preliminary Results for the year ended 31 March 2007

  • Revenue increased by 24% to £14.4m (2006: £11.6m). Licence revenue increased by 89% to £3.4m (2006: £1.8m).
  • Support and services revenues from strong global customer base of £11.0 million (2006: £9.8 million).
  • Adjusted pre-tax profit (excluding goodwill amortisation, exceptional items and charges for share-based payments) trebled to £0.6m (2006: £0.2m). Fully diluted earnings per share, adjusted on the same basis, was 0.52p (2006: 0.12p).
  • Charges of £0.6 million for goodwill amortisation and share-based payments, plus exceptional charges of £0.04 million, contributed to a small pre-tax loss of £0.02 million (2006: loss £1.4 million), and a fully diluted loss per share of 0.19 pence (2006: loss per share 2.20 pence).
  • Notable contract wins during the year included Lloyds TSB, Nationwide Insurance, Hutchinson 3G, Accenture, TJX and a major European Bank.
  • New applications developed to target high growth areas of the $10 billion market for Customer Interaction Optimisation.

Nick Randall, Chief Executive of Portrait Software, commented:

"Our strategy is simple and sound. Our loyal customer base continues to reward our commitment to service and support. Our blue-chip partnerships continue to bear fruit and our applications are gaining traction in key markets.

"Going forward, Portrait Software is on course for continued profitable growth and we are increasing our investment in development, sales and partnerships to support this. We are confident that we are on the right track and are excited by the opportunity we see in front of us."

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