ALG Software posts Q1 results
06 June 2006 | 1085 views | 0
Source: ALG Software
ALG Software, a global provider of Corporate Performance Management (CPM) solutions headquartered in the UK, reports revenue growth of 96% for the first quarter (February – April) of 2006 compared to the same quarter in 2005.
Total gross sales between February 2006 and April 2006 were £3.6 million (US$6.7 million) compared to £1.8 million (US$3.5 million) last year. This growth has largely been the result of rising software revenue resulting from both an increase in the number of licenses and an increase in the size of the average software sale.
The financial results from the first quarter follow the annual results recently announced of £10.6 million (US$19.9 million) in total gross sales between February 2005 and January 2006 compared to £7.5 million (US$14 million) last year. This represented a 43% increase, nearly four times the 11.5% CPM market growth rate predicted by analyst IDC.
As part of the £3.6m (US$6.7 million) sold in total gross sales in the first quarter, software revenue makes up £1.8m (US$3.4 million), compared to £0.6m (US$1.1 million) for the same quarter last year, with maintenance and services revenue at £1.8m (US$3.4 million), compared to £1.2m (US$2.4 million) respectively.
A wide range of customers from different industries and geographies have recognised the benefits of ALG Software's driver-based budgeting and costing applications including Future Publishing, the leading publisher of consumer magazines with over 150 titles worldwide, Prudential, KBC, one of the top three Belgian banks, CUMIS Group, in Canada and US construction firm VMS.
"ALG Software has continued to achieve significant growth in software sales and has been particularly successful in the US, taking on other global players in our industry and winning. We are in very good shape with a strong sales pipeline and a steady demand from our existing customers to upgrade and implement our Corporate Performance Management solutions more widely within their organisations. I fully expect our growth to continue into the next quarter and am very pleased with the contribution that everyone is making in order to achieve this financial success," said Mike Sherratt, CEO, ALG Software.