Shares in enterprise content management software and solutions company, Geong International (AIM: GNG) were in demand today after the company reported solid numbers for the year ended 31 March 2009.
Geong is certainly a growth company, reporting a 93% surge in revenues to £14.7 million and a 48% increase in profits before tax to £1.7 million. Other key financial metrics were equally impressive, with adjusted earnings per share rising to 5.3 pence (2008: 4 pence) and a 78% boost in net cash to £3.6 million. The group’s order book as at 31 March stood at £10.6 million, of which just under 50% is recurring revenues.
Geong International, like many software outfits, has been refocusing its sales efforts on Software as a Service (SaaS) and Information as a Service (IaaS) models which allow companies to pay a monthly fee for software rather than a one-off annual contract.
"GEONG has enjoyed yet another year of strong growth in both revenues and profits. To build upon this we have recently implemented a number of operational and strategic changes, including a significant strengthening of the Board and management team, and this now leaves us better placed to grow the business,” Wang Weidong, CEO, commented. “With a strong order book, improved cash collection, and our core market of China continuing to outperform, we are confident of maintaining our momentum through 2010 and expect to record another year of solid growth."
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