Allocate Reports Record Results for the Year Ended 31 May 2010

Allocate Reports Record Results for the Year Ended 31 May 2010

31st August 2010

Allocate Software plc (AIM: ALL), the leading provider of workforce and compliance optimisation solutions, today announces its results for the year ended 31 May 2010.

Financial Highlights

  • Revenue increased by 39% to £22.0m (2009: £15.8m)
    - Licence revenue increased by 22% to £9.3m (2009: £7.6m)
    - Services and support revenue increased by 56% to £12.5m (2009: £8.0m)
    - Healthcare revenue increased by 33% to £14.8m (2009: £11.1m)
  • Trading profit* increased by 38% to £3.49m (2009: £2.53m)
  • Trading profit* margin remains broadly consistent with the prior year at 15.9% (2009: 16.0%)
  • Diluted adjusted EPS** increased by 20% to 6.44p (2009: 5.36p)
  • Operating cash flows increased significantly to £4.9m (2009: £1.8m)
  • Net cash balances at the year-end of £2.9m

*     Trading profit defined as profit before amortisation of intangible assets, share-based payments, interest and tax.
**    Excludes amortisation of intangible assets, share-based payments and tax.


Business Highlights

  • Successful acquisitions of Time Care in Sweden in December 2009 and of Dynamic Change in the UK in May 2010
  • The Healthcare customer base now includes 353 NHS Trusts in the UK, including therein, 121 NHS Trusts who are customers of Dynamic Change
  • Total Healthcare customers worldwide now number 417, including 58 customers of Time Care in Sweden
  • Healthroster gained 40 new NHS Trust customers, making 119 Trusts with Healthroster in total at the year-end (which represents 29% of the 411 total number of Acute, Mental Health and Primary Care Trusts in England and Wales)
  • Selected as preferred supplier by the State Government of New South Wales, Australia to supply its Healthroster software across the entire state public health system, covering more than 90,000 staff. This contract has a potential total value of A$10 million (approximately £5.5m at current exchange rates) and will start to be delivered during the 2011 financial year
  • Signed a significant new contract with the Australian Army to supply Allocate's Defence Suite
  • Our partner strategy has produced positive results with our partners PwC and CSC supporting the company in closing two major deals this year

Ian Bowles, Chief Executive Officer of Allocate, commented:
”The 2010 financial year was another outstanding year for Allocate, the fourth consecutive year of record results.  We continued to strengthen our position in the UK Healthcare market with the acquisition of Dynamic Change and we now have a significant presence in Europe with the acquisition of Time Care in Sweden. In both Maritime and Defence we grew the business year-on-year and in Defence we secured a major order from the Australian Army for £2m of licence revenue. I remain confident in our prospects and I expect 2011 to be a year of further progress.”

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