Bond International Software Results
Bond International Software plc, the specialist provider of software for the international recruitment and human resources industries, with operations in the UK, USA, Hong Kong and Australia, has announced its preliminary results for the year ended 31st December 2008.
KEY POINTS SHOW:-
Revenue up 8.5% to 32.0m (2007: 29.5m).
Recurring revenue up by 23% to 15.7m (2007: 12.8m)
Operating profit before amortisation at 5.4m (2007: 7.1m)
Pre-tax Profit at 2.8m (2007: 5.1m)
Adjusted * basic EPS at 9.4p (2007: 14.6p)
Proposed dividend of 1.6p (2007: 1.6p)
Recurring revenue as a percentage of sales up at 49% (2007: 43%)
Acquisitions of Team Spirit Software Limited and Headcount Services Limited have strengthened the customer base and recurring revenue streams
* Adjusted for the amortisation of acquired intangibles and share based payments expense.
Commenting on the results Chief Executive Steve Russell, said: "Set against a tough economic backdrop I am very pleased with Bond's performance this year. We have once again increased our percentage of recurring sales which has to a large extent sheltered us from the worst effects of the economic downturn. The acquisition the business and assets of Team Spirit Software Ltd and Headcount Services Ltd have further diversified our customer base. Our prospect lists remain in good shape and we have seen no significant drop in the value of orders taken. When the inevitable upturn in the global economy arrives, we will be ideally placed to benefit."