Staffware announces preliminary results

JOHANNESBURG (03/16/2004) - Staffware plc Tuesday announced its preliminary audited results for the 12 months ended Dec. 31, 2003. According to the record results, Staffware significantly increased its dividend, with a total increase of 40 percent against 2002 figures.

Notable highlights, according to the company, also include an increase in sales revenue, with an overall annual revenue increase of 9 percent to £42.7 million (US$77 million). Total licence revenue was £21.9 million, 51 percent of total revenue.

The company reports that profit after tax increased by 38 percent to £2.2 million against £1.6 million in 2002. Total profit before tax increased by 35 percent to £3.5 million. Ebitda increased to £4.8 million against the 2002 figure of £4 million.

Cash resources increased by 15 percent and R&D by 6 percent, with a £7.5 million investment, a total of 18 percent of sales revenue. According to the company this is significantly higher than the U.K. and global software industry averages of 7 percent and 11 percent respectively.

Business development highlights include nine £500,000 contracts compared to the seven of 2002. These include contracts with companies in the U.K., Holland, Poland, South Africa and the U.S.

John O'Connell, Staffware's chairman and CEO, says, "I am very pleased to report that Staffware has delivered record results this year, at a time when trading conditions for ICT companies have continued to be challenging.

"Recognition is fast growing, globally, of the benefits which BPM brings to our customers, in terms of more streamlined, efficient processes for dealing with their customers, citizens, staff and suppliers, by leveraging their existing investments in ICT.

This growing appreciation is stimulating greater interest from the analyst and partner communities. With our best of breed BPM software, Staffware is well placed to take advantage of the resultant opportunities.

We are continuing to enhance our competitive position by investing in additional sales and distribution capability, internationally, as well as further development of our core products and related process frameworks."

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