UK business applications software provider, COA Solutions has reported solid financial results for the six months ending 30 September 2009. Revenue of £28.6m [2008: £29.6m] was on budget and earnings before interest, taxes, depreciation and amortisation (EBITDA) were 18% ahead of budget at £6.4m [2008: £5.1m].
In contrast to the general trends that have depressed sales across the business software sector, total orders increased by 6% and licence orders increased 13% with orders from new customers increasing by 24% over the same period last year.
Mark Thompson, Managing Director of COA Solutions says, “The recessionary climate has caused the business applications software market to plateau with the impact being most severe on new business opportunities as a result of potential customers locking-down capital expenditure. To have bucked the industry trend with a considerable increase in new business licence orders is therefore highly encouraging.”
Thompson continues, “Recurring revenues have increased by 3%, accounting for 53% of total revenue. This is as a direct result of the success of our COA Solutions On Demand managed and bureau service offerings. The performance of our company over the first-half of the year is further testimony to the resilience of our business model against a backdrop of continued economic volatility.”
Source: FSN
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