20th Mar 2014 13:33
LONDON (Alliance News) - Sopheon PLC Thursday posted a rise in pretax profit as revenue increased, driven by new and extended licence orders and a strong fourth quarter in 2013.
The software and services company posted a pretax profit of GBP341,000, up from GBP281,000 in the previous year, as revenue rose to GBP13.3 million from GBP12.7 million.
The decline of the company's recurring revenue was offset by the value of new contracts, Sopheon said.
Sopheon saw a strong fourth quarter, which resulted in a high services backlog for 2013. The company said its full-year revenue visibility for 2014 stands at GBP6.9 million, up from GBP6.4 million at the same time last year.
Sopheon secured 47 new and extended licence orders throughout the year. It added sixteen new customers during the year, and released two new products.
The company said its market is maturing and it is seeing more competition, and whilst this validates its market it means that it "must continue to advance and lead the industry with [its] solutions."
"Energized by our record fourth quarter, we remain focused on keeping the Sopheon Accolade suite at the forefront of the emerging market for enterprise innovation performance, and are working diligently to drive and position our business for scalable growth," said Chairman Barry Mence in a statement.
Shares in Sopheon were trading up 5.6% at 94.00 pence Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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