Microgen announces its Interim Management Statement covering the period from 1 January 2009 to the date of this announcement.
Microgen announced its final results for the year ending 31 December 2008 on 24 February 2009.
The Group's financial results for the three months ended 31 March 2009 are in line with the Board's expectations. There have been no significant changes in the trading or financial position of Microgen and its balance sheet remains strong. Microgen closed the quarter with £16.3 million of cash (31 December 2008: £14.7 million) and net funds of £13.8 million (31 December 2008: £11.0 million), after the repayment of £1.2 million of the mortgage on the freehold property.
Although markets remain unpredictable, Microgen has had a good start to the year. During the first quarter, Microgen Aptitude Solutions Division ('MASD') has won a major new European customer for Microgen Accounting Hub and Microgen Aptitude, against market leading competitors. This significant win, together with a strong prospect bank, should underpin the performance of MASD and support the division's growth projections for 2009. As anticipated, the Billing Services and Financial Systems Divisions have experienced some effects of the depressed economic climate, but the high levels of recurring revenue and strong profitability of these businesses provide high resilience to the economic instability.
Overall, despite the ongoing difficult market environment, the Group is on track. The Board remains cautiously positive about the outlook for the year and the balance sheet and cash flow remain strong.