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Bond International Software Unaudited Interim Results

Bond International Software Unaudited Interim Results

Bond International Software plc 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 2009.

KEY POINTS

Group revenue up 11% to 17.1m (2008: 15.3m)
Recurring revenue up 22.5% to 9.05m (2008: 7.38m)
Continuing successful transition of sales model to improve forward visibility and quality of earnings but causing a short term impact on margins and profit
Operating profit before amortisation at 2.4m (2008: 2.7m)
Pre-tax profit at 0.8m (2008: 1.5m)
Basic EPS at 1.6p (2008: 3.1p)

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

"Given the current economic climate, this is a satisfactory performance. We have secured new contracts and markedly increased our proportion of recurring revenue which will increase the Group's forward visibility and quality of earnings. Despite the negative short term impact this has on our margins and profit, the transition to this new business model leaves the company is in a good position for medium and long term future performance."

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