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Avisen - Final results for the year ended 31 January 2010
30-07-2010
The board of directors of Avisen (the “Board”), the AIM quoted performance management specialist, is pleased to announce the Company’s audited final results for the year ended 31 January 2010.
Highlights
· Revenues increased to £7.2m (10 months ended 31 January 2009: £2.4m)
· Successfully integrated six key acquisitions
· Since the half year the new acquisitions have significantly contributed to overall Group revenues, with Inca (acquired August 2009) adding £3.9m to Group revenues for the full year
· Pre tax losses increased to £3.1m, partly due to the costs associated with integrating new acquisitions. Adjusted for exceptional items, the loss before interest and tax was £1.7m
· Significant customer wins including; Tesco Direct, MITIE, Napp Pharmaceuticals, Tullow Oil and Lloyd’s Register
Post Balance Sheet Highlights
· Disposed of non core business, Avisen (PTY) Limited
· Acquisition of Xploite PLC (“Xploite”), which has now been successfully integrated
· Appointed Mark Battles as Non-Executive Interim Chairman and Claire Milverton as Chief Financial Officer
· The Group is trading in line with management expectations on a monthly basis
Commenting on the results announcement Marcus Hanke, CEO of Avisen, said:
“The results for the year ended 31 January 2010, showed a notable increase in revenue, with sales of £7.2m compared to £2.4m for the 10 months ended 31 January 2009. Despite this growth, pre tax losses also increased to £3.1m. This was influenced by the fact that the Company integrated a number of acquisitions during the period. The adjusted earnings before interest and tax figure for the year showed a loss of £1.7m.
“I am delighted to state the integration issues have now been addressed and the Group is trading in line with management expectations on a monthly basis. Our strategy of positioning Avisen as a niche provider of software supported solutions during the period has set the business up for robust future growth.
“I am proud of what we have achieved in 2009 and I am excited about the opportunities that lie ahead. Avisen has won substantial engagements with major blue chip national and international customers and I am confident that we will continue to do so.”
For full announcement pleaseclick here
For further enquiries please contact:
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Financial PR:
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Bishopsgate Communications
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Gemma O’Hara/Siobhra Murphy
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