15th Jan 2019 10:42
LONDON (Alliance News) - Tax Systems PLC on Tuesday said it expects annual results to be "comfortably in line" with management's views after a year of continued growth.
Shares in the compliance software developer were trading up 3.9% at 91.99 pence each.
The company said it has continued to grow both recurring and non-recurring revenue during the during the second half of 2018.
"The group's income continues to be derived substantially from recurring revenues, with existing customers consistently choosing to renew and extend their contracts as well as upgrading to access additional modules," the firm said. The company won 50 new customer accounts during the year.
"We have made strong progress during the year and I am incredibly grateful to everyone in the business for their expertise and commitment to our customers. As a team, we remain focused on the execution of our growth strategy and I'm pleased to report that we expect to be comfortably in line with management's expectations, with the standout financial highlight being a 32% reduction in net debt," Chief Executive Gavin Lyons said.
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