17th Sep 2013 10:10
LONDON (Alliance News) - Bond International Software PLC Tuesday reported an increase in pretax profit for the first half, as confidence returned to its major markets.
The company, which provides software to recruitment businesses, posted pretax profit of GBP488,000 for the period ended 30 June, up 176% from GBP177,000 a year earlier.
Bond said there had been an increase in demand for its staffing software in the UK and the US. It added the principal drivers for the growth have been increasing demand from medium-sized recruitment companies which "now have the confidence" to invest in their technology.
Revenue decreased slightly to GBP17.0 million, from GBP17.4 million in 2012, as recruitment software revenue dipped to GBP8.7 million from GBP10.1 million last year. Both the HR and Payroll Software and Outsourcing divisions increased revenue during the period.
The company reduced its net debt to GBP209,00 from GBP1.8 million, while administration expenses declined 5% to GBP12.4 million, from GBP13.1 million.
"There is no doubt that confidence is returning to the major markets in which we currently operate," Chief Executive Steve Russell said in a statement.
"We are seeing an increase in demand for our staffing software both in the UK and the US which should lead to revenue growth in the second half of 2013 and into next year," he added.
Bond shares were trading at 84.00 pence Tuesday morning, up 9.50 pence or 13%, putting it among the top-10 gainers on AIM.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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