Highlights
| Six months ended 30 June 2010 |
Six months ended 30 June 2009 |
Change | |
|---|---|---|---|
| Revenue | £16.63 million | £15.55 million | +7% |
| Profit before tax* | £3.59 million | £4.01 million | -10% |
| Adjusted profit before tax** | £3.36 million | £3.19 million | +6% |
| Adjusted EBITDA** | £4.21 million | £4.04 million | +4% |
| Adjusted operating profit margin** | 22.2% | 23.5% | |
| Annualised recurring contract value | £27.85 million | £28.25 million | -1% |
| Earnings per share - basic* | 4.5p | 5.2p | -13% |
| - adjusted** | 4.4p | 4.3p | +2% |
| Interim dividend per share | 0.7p | 0.6p | +17% |
Highlights
- Recognised recurring revenue up 9% to £15.53 million amounting to 93% of total revenue (2009: 92%)
- Adjusted EBITDA** increased by 4% to £4.21 million (2009: £4.04 million)
- Adjusted profit before tax** increased by 6% to £3.36 million (2009: £3.19 million)
- Adjusted earnings per share** increased to 4.4p (2009: 4.3p)
- Increased cash generated from operations*** of £4.80 million (2009: £4.31 million)
- Net debt reduced to £6.31 million from £8.89 million at end December 2009
- Interim dividend increased by 17% to 0.7p (2009: 0.6p)
* Profit before tax and basic earnings per share include the impact of exceptional items amounting to £0.50 million (2009: £1.16 million) (notes 2 and 4)
** Adjusted profit before tax, adjusted earnings per share, adjusted operating profit and adjusted EBITDA are profit before tax, earnings per share, operating profit and EBITDA after adjustment for amortisation of acquired intangibles, share based payments and exceptional items (notes 2, 4 and 5)
*** Cash generated from operations is after investment in internally generated intangible assets (note 6)
