DICOM Group plc: Interim Results 2008 - Six Months to 31 December 2007
February 18 2008 - 1:38AM
Business Wire
DICOM Group plc (�DICOM� or the �Company�)(LSE:DCM or DCM.L), a
leading provider of Intelligent Capture & Exchange solutions,
today announces Interim Results for the six months ended 31
December 2007. Financial Highlights of the Interim Results
(prepared under IFRS) Turnover up 5% to �82.4m (2006: �78.5m)
Software licence turnover up 4% and software services up 18% in
constant currency terms Total software business revenues up 10% in
constant currency terms Gross profit margins increased to 55.9%
(2006: 54.6%) Adjusted operating profits up 15% to �8.1m (2006:
�7.0m), an increase of 19% in constant currency terms Adjusted
operating profit margins up to 9.8% (2006: 9.0%) Pre-tax profits up
1% to �6.1m (2006: �6m) Adjusted earnings per share up 15% to 6.9p
(2006: 6.0p)(a) Net funds of �24.4m (�38.2m at 30 June 2007) after
spending �11.2m on share buy back (b) Proposed interim dividend up
15% to 0.82p (2006: 0.71p) (a) Further details with regards to the
calculation of adjusted earnings and adjusted profits are set out
in note 6 to the financial results. (b) Further details with
regards to technical issues concerning the share buy back are set
out in the Chief Financial Officer�s Financial Review. Operating
Highlights Achieved major customer wins at ING-DiBa, Emirates
Airlines, Deutsche Bank, Prudential and China Merchant Bank
Remarketing agreement with HP to sell Kofax Intelligent Capture
& Exchange solutions Received numerous industry awards:
Technology Partner of the Year from Open Text Corporation Editor�s
Choice Award from Document Manager Magazine Named on Software
Magazine�s 25th Annual Software 500 List Hosted Transform 07 in
Budapest during November with more than 500 attendees and partners
from 30 countries Post-Period End Activity Reorganisation to
position DICOM better for future growth: Restructured corporation
into vertically aligned, worldwide functions with global managers
Restructured the sales function into three groups better aligned
with DICOM�s products, markets and customers Affected headcount
reductions Implementation of unified branding: Proposal to change
the name of the Company to �Kofax plc� Commenting, Reynolds C.
Bish, Chief Executive Officer of DICOM Group said: �The strategic
review I�ve conducted since joining DICOM in November 2007 has
shown that the company remains fundamentally well positioned and
financially sound but also that some strategic changes are
necessary. In addition to accelerating previously announced changes
in strategy, we have started to affect these further changes
through the restructuring of both the company and our sales
organisation and with our proposed corporate rebranding. These
moves have better focused all of our resources and we expect the
appointment of an EVP of Worldwide Field Operations to further
improve our sales management, productivity and visibility, plus
provide a clearer focus on, and better execution of, key revenue
growth strategies. �I and the Board remain confident that we will
be able to continue to achieve 10% revenue growth in constant
currency terms in our software business, with a higher than
expected contribution from software services offsetting lower
growth in software licenses during the remainder of this fiscal
year. More importantly, despite an uncertain economic environment
at the present time we remain enthused about DICOM�s market
opportunities and continue to target double digit revenue growth in
our software business in future years.� Webcast There will be a
webcast available on the Company�s website
(http://www.dicomgroup.com) from 2pm today.
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