PRESS RELEASE
£50m Turnover with strong growth in software licences and contracted maintenance revenues
UK business applications software provider COA Solutions Ltd (Now Advanced Business Solutions) today reported strong financial results for the year ending March 31, 2007, with turnover of £50.5 million and earnings before interest, taxes and depreciation (EBITDA) of £10.01 million.
Mark Thompson, managing director of COA Solutions said: “COA Solutions is justly proud of its successes over the past financial year with company targets and commercial objectives met and in many cases surpassed. The fiercely competitive nature of the business applications software market and its continued consolidation make these achievements highly commendable and prove COA Solution's capabilities and vitality. It also shows the UK market strongly endorses our strategy of focus on service industries.”
Financial year 06/07 highlights include:
- Successful acquisitions of Version One and BI Inform expanding COA's presence in two key growth business software markets - document management and business intelligence.
- Increased investment in product development, including expansion of COA's offshore development centre in Vietnam
- Software license orders grew by 12.6 per cent to £13.4 million, representing 26 per cent of total revenue
- Maintenance revenues grew to £20.9 million, representing 42 per cent of total revenue
- Strong operating cash generation, with cash collected increasing by 25 per cent to £55.5 million
- Sales and EBITDA per head ratios of £115,000 and £23,000 remain in the software industry's top quartile*
- With strong growth in both support fees and the order backlog, COA's contracted run-rate revenue now underpins approximately 48 per cent of the group's budgeted revenues for the following 12 months
- More than 18,000 consulting services days were delivered to customers
- More than 80 new customer wins were made across all of COA's target markets
- More than 30 per cent of existing customers on contract extended their COA footprint
- More than 2,000 customers were gained through acquisitions