Bond International Software Plc Announces its Unaudited Interim Results

Bond International Software Plc Announces its Unaudited Interim Results

Bond International Software Plc ("the Group"), the specialist provider of software for the international recruitment and human resources industries, with operations in the UK, USA and Asia Pacific, today announces its unaudited interim results for the six months to 30 June 2011.

KEY POINTS

· Revenue increased by 40% to £18.4m (2010 restated : £13.2m) as a result of:

o the acquisition of VCG LLC and the remaining 50% of Strictly Education Solutions Limited; and

o organic growth of 13%

· Recurring revenue grew by 36% to £11m (2010 restated : £8m) representing 7% organic growth

· Administration expenses increased by 22% to £13.3m (2010 restated : £10.9m) primarily as a result of acquisitions

· Adjusted profit after tax was £1.0m (2010 restated : £264k)

· Adjusted earnings per share were 2.52p (2010 restated : 0.80p)

· Net debt reduced to £2.3m

· Disposal of Abacus Software for a total consideration of £1.8m

Commenting on the results, Group Chief Executive Steve Russell said:

"The first six months of 2011 has undoubtedly seen significant improvement since the same period last year. However, we remain cautious about the prospects for the second half particularly in the UK and USA although we have high hopes for our Asia Pacific operation in the medium term."