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Bond International Results

Bond International 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, Japan and Australia, today announces its unaudited preliminary results for the year ended 31 December 2009.

KEY POINTS

Revenue of 32.5m (2008: 32.0m)
Recurring revenue grew by 10.6% to 17.4m (2008: 15.7m) representing 53% of revenue
Operating margins (before share of joint ventures and amortisation of intangible assets) reduced to 11% (2008: 17%) reflecting:
o Change in mix of licences and services
o Small number of labour intensive projects
Adjusted* profit after tax of 1.3m (2008: 3.1m)
Adjusted* earnings per share of 3.79p (2008: 9.44p)
Net cash generated from operating activities of 2.6m
Banking facilities renewed for a further three years
Proposed dividend of 0.8p (Prior year: 1.6p)

* Adjusted for the amortisation of acquired intangibles and share based payments expense.

Commenting on the results Chief Executive Steve Russell, said:

"2009 has seen some of the worst trading conditions we have experienced, particularly in the staffing industry. However the decisions we have made to diversify into other areas of Human Capital Management has allowed us to continue to trade profitably and our overall revenues have held up well.
The outlook for the staffing industry is improving and this together with our strategy for diversification ensures that we remain confident of the prospects for the group as confidence returns to the market."

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