Bond International Software plc has announced its 2010 unaudited preliminary results
2010 UNAUDITED PRELIMINARY 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 2010.
Revenue of 32.4m (2009: 32.5m)
Recurring revenue grew by 7% to 18.7m (2009: 17.4m) representing 58% of revenue
Operating margins (before share of joint ventures and amortisation of intangible assets) reduced to 8% (2009: 11%) reflecting:
o Change in mix of licences and services
o Small number of labour intensive projects
o Lack of new business sales
Adjusted* profit after tax of 0.4m (2009: 1.3m)
Loss after tax 0.6m (2009: profit 171,000)
Adjusted* earnings per share of 1.23p (2009: 3.79p)
Net cash generated from operating activities of 3.3m (2009: 2.6m)
Net debt reduced by 0.42m (2009: increase in net debt of 2.17m)
Proposed dividend unchanged at 0.8p
* Adjusted for the amortisation of acquired intangibles and share based payments expense.
Commenting on the results Chief Executive Steve Russell, said:
"There is no doubt that the vertical and geographical markets in which the group operates improved in the second half of 2010 This together with the new and exciting products that the group is bringing to market gives the board optimism for 2011 and beyond.."