Interim Results- Good progress on profitability & cash generation
Civica plc ('Civica' or 'the Company'), the software and services group focused on the public sector, announces its interim results for the six months ended 31 March 2006.
Highlights
* Operating profit* up 40% to £7.8 million (2005: £5.5 million)
* Turnover up 14% to £56.5 million (2005: £49.6 million)
* Own software related turnover up 48% to £33.1 million (2005: £22.4 million)
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Consulting up 64% to £12.7m
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Owned software up 27% to £9.1m
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Managed services up 50% to £11.3m
* Gross profit up 38% to £29.1 million (2005: £21.1 million)
* Cash generation strong with net cash flow from operating activities at 140% of operating profit*
* Basic* earnings per share growth of 34% to 8.6p
* Interim dividend increased by 10% to 0.73p
* Statutory turnover was £56.5 million (2005: £49.6 million) and statutory operating loss was £1.2 million (2005: operating profit £1.8 million) with a loss per share of 4.7p (2005: 1.8p)
* Successful completion of the Comino Group plc ('Comino') acquisition in February 2006, with subsequent integration and cost synergies ahead of schedule
* New business in the period benefited from continued focus on delivering complementary consulting, software and managed services around core areas of market expertise:
- 9 new managed service agreements, including the first hosted service in the Police sector, and the successful completion of the first phase of the national managed libraries project with the Singapore Ministry of Education
- Consulting-led projects to support new legislation, including a partnership with Fujitsu Services to deliver a licensing management application for the Gambling Commission
- 22 software wins in local government and housing sectors including a £3.3m strategic housing project at Manchester City Council and a shared services platform for the Anglia Revenues Partnership
- Selection by the Office of Government Commerce as a solutions provider within its national 'Catalist' procurement framework
* operating profit is before amortisation, exceptional items and LTIP charges.
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