CHINA EASTSEA BUSINESS SOFTWARE LIMITED – PRELIMINARY RESULTS

CHINA EASTSEA BUSINESS SOFTWARE LIMITED – PRELIMINARY RESULTS

PRELIMINARY RESULTS

China Eastsea Business Software Limited, which provides information technology and business process outsourcing services, announces Preliminary Results for the year ended 28 February 2009.

Financial Highlights:

  • Revenue broadly in line with last year at £10.6m (2008: £10.8m)
  • EBITDA of £1.1m (2008: £3.8m) *
  • Profit after tax and minority interests of £0.2m (2008: £3.4m) *
  • Net assets (inc. minority interests) increased to £18.8m (2008: £11.5m) – mainly due to the favourable exchange rate
  • Cash in bank sustained at £4.1m (2008: £4.1m)
  • EPS 0.03p (2008: 4.08p after listing costs and share based payment charge)
  • Adjusted EPS 0.29p (2008: 4.93p before listing costs and share based payment charge)
    * excluding share based payment and listing costs

Other Highlights:

  • Acquisition of 60% of Ningbo Education Information Technology Ltd in March 2008.
  • Acquisition of 100% of Infa Hong Kong Group Ltd in June 2008.
  • Appointment of Jiarong Chen as Finance Director and James Heyworth-Dunne as UK based Non-Executive Director.
  • Acquisition of a Japanese company since the end of the financial year with expertise in developing the “All in one card business” for the group.

Commenting on Outlook, Eric Zhu, Chief Executive of China Eastsea, said:
“The unprecedented global economic crisis around the world will still have different effects to each individual country but already, there are economic indicators suggesting that the Chinese economy is starting to recover. Indeed, the opportunities and business environment in our IT outsourcing sectors have been improved substantially in the last three months comparing to the first half of this year. We anticipate the business to perform better than last financial year. The management team are committed and have full confidence in the long term future prospects of the Group.”

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