16th Jul 2015 08:54
LONDON (Alliance News) - Microgen PLC Thursday reported growth in profit in the first half of 2015 boosted by a strong performance from its Aptitude Software business, and it said it has acquired Jobstream Group Ltd for GBP3.5 million.
The business software company reported a rise in pretax profit in the six months to June 30 to GBP3.7 million from GBP3 million, as revenue grew 7% to GBP15.8 million from GBP14.7 million.
It said that its Aptitude Software business performed ahead of its expectations, experiencing revenue growth of 13% to GBP8.5 million from GBP7.6 million, driven by strong demand for services in North America and Europe. The Financial Systems business performed in line with the board's expectations, making sales of GBP7.3 million compared with GBP7.2 million the year before.
Microgen will pay an interim dividend of 1.4 pence, up 27% on the 1.1p paid the prior year.
In a separate statement, Microgen said it has acquired Jobstream Group Ltd for GBP3.5 million, funded through existing cash resources.
Jobstream is a Cambridge-based provider of wealth management software for the offshore finance industry and will be integrated into Microgen's Financial Systems business.
In the year ending June 30, 2014, Jobstream made revenue of GBP1.8 million and adjusted operating profit of GBP0.2 million. Gross assets at the year-end were GBP1.4 million, and it is anticipated that at completion there will be cash and net funds of GBP0.5 million.
Microgen said it expects the acquisition to be earnings enhancing in the financial year 2016.
Shares in Microgen were trading up 2.7% at 112.45 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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