Microgen posts trading update
For the year ending 31 December 2005, the Board currently anticipates reporting profit before tax, intangible amortisation and exceptional items slightly ahead of current analyst consensus, on revenue slightly below current analyst consensus.
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This is consistent with the market environment reported at the time of the interim results and the Board's focus on profit and cash flow.
The integration of the acquisitions announced in July has been completed and the integration of the acquisition of Milvus Software announced in November is well advanced and progressing satisfactorily.
The Operating Board of the Group has been strengthened through the recruitment of two new Managing Directors, one for the Group's Commercial business unit who started on 5 December and one for the Group's Banking business unit who will start in early 2006. These appointments, together with an increased investment in sales and marketing, will position the Group to benefit from the new products which have been launched in 2005 and those scheduled for launch in 2006.
The Group has now drawn down the commercial mortgage secured on its long leasehold and recently-acquired freehold properties which was being negotiated at the time of the interim results. As a result, cash balances at 30 November were £11.5 million with net funds of £5.5 million.
The Preliminary Results for the year ending 31 December 2005 are anticipated to be released in early March 2006.