Business
Half-year results-six months ended 30 June 2014
Half-year results-six months ended 30 June 2014.
About this update from Celebrus Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 8002S IS Solutions PLC 29 September 2014 \n\n \nMonday, 29 September 2014\n \nI S Solutions Plc\n2014 Half-year results \nfor the six months ended 30 June 2014\n \nSTATEMENT BY THE CHAIRMAN, BARRIE CLARK\n \n\"The Board remains confident of achieving the market expectations for the full year based on recent business wins and the depth and quality of the prospects pipeline, following a weaker first quarter.\"\n \nFINANCIALS \nRevenue in the first half compared to 2013 was down by 30.9% to £3.427 million (2013: £4.960m) and we recorded an Operating loss of £310,000 compared to an Operating profit of £328,000 in HY2013. The Post-tax loss was £283,000 versus a 2013 Post-tax profit of £330,000. Fully diluted loss per share was 1.10p against an earnings per share of 1.29p in the comparable 2013 period.\n \nA further factor affecting the overall profitability of the business has been the strength of Sterling; during the first half-year this caused a 9.4% reduction in our day rate (compared to HY2013) to our US clients. Since the end of the period under review the exchange rate has now moved back in our favour.\n \nCash at the half-year stood at £188,000 (2013: £657,000)\n \n\n\n\n\nReviewing our revenue performance by sector:\n\n\n\n\n\n\n\n2014\n£000\n\n\n2013\n£000\n\n\n\n\nProject work\n\n\n889\n\n\n1,873\n\n\n\n\nRecurring revenues\n\n\n1,890\n\n\n1,986\n\n\n\n\nProduct\n\n\n648\n\n\n1,101\n\n\n\n\n\n\n\n3,427\n\n\n4,960\n\n\n\n\n \nWithin all three areas of our business (Portals, Analytics, Enterprise Content Management (ECM), the Recurring revenues held up well whilst the Projects revenue fell across all three areas.\nIn February 2014, an Analytics contract was put on hold for this year due to our clients' internal budget constraints; this coincided with one of our major ongoing Portal projects entering a testing phase in the first half which also impacted on Revenue. However, because we knew that this was short-term, coupled with a healthy pipeline of prospects for the business, the Board took the decision to keep all costs in place at the expense, in the very short term, to the bottom line. \nThis was an important decision for our business flow, retaining our highly skilled personnel and avoiding the cost of re-hiring and training staff...