17th Feb 2011 07:00
17 February 2011
Electronic Data Processing PLC (EDP)
Interim Management Statement
EDP, an IT solution provider to the UK wholesale distribution industry and a supplier of Sales Intelligence software more widely, today publishes an Interim Management Statement covering the period from 1 October 2010 to 16 February 2011.
Material Events and Transactions
On 29 October 2010 EDP completed the sale of its freehold head office building in Sheffield for a cash consideration of £2.3 million. This generated a profit of approximately £330,000.
There were no other material events or transactions during the period under review.
Business Performance
Whilst we saw some modest growth in revenues during the second half of the last financial year, we have recently seen a degree of caution return to our marketplace. Customers and prospects alike are uncertain as to the extent to which they will be affected by spending cuts in the economy generally. This is directly affecting their own spending decisions and prolonging our sales cycle. Notwithstanding this, activity levels within the business are broadly in line with this time last year.
Financial Position
The net sale proceeds from the sale of our freehold property have been added to our cash resources which amounted to £4.7 million at 16 February 2011. EDP continues to have a strong, debt-free balance sheet.
Outlook
We expect our customers to remain cautious until the impact of government spending cuts becomes apparent. However, with our strong recurring revenues, carefully managed cost base and strong product offering, we remain cautiously optimistic about the outlook for the rest of the year.
For further information please contact:
Julian Wassell Chief Executive 0114 2622007 | Toby Mountford Citigate Dewe Rogerson 020 7638 9571 07710 356611 |
www.edp.co.uk | |
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