Access Intelligence sees profits fall
Pre-tax profits for the six months to May 31 were £21,000, down from £470,000 posted over the same period last year.
Revenues also dipped from £4.13m to £4.03m, while adjusted earnings before interest, tax, depreciation and amortisation fell from £704,000 to £432,000.
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Hide AdYork-based Access bought rival Cobent in March 2010 for £5.2m. It made a loss of £230,000 over the period, excluding one-off re-organisation costs of £202,000.
Chairman Michael Jackson said: “With the exception of Cobent, which now has a new management team in place, all group companies have performed well.
“We are seeing continued demand for our products and services and I am pleased to report that recurring revenues are now up to 65 per cent of group turnover.
“The sale of Solcara for £2.5m post the period end demonstrates the potential for further value creation from companies within our portfolio and we look forward to the future with confidence.”
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Hide AdThe company, which accepted the resignation of board member Howard Sears yesterday, is to pay a special dividend of 0.1p on August 26.
Access posted a full year loss of more than £1.5m in its last full year results