Interim Results for the six months ended 30 November 2009

29 January 2010


Allocate Software (AIM: ALL), the leading provider of workforce optimisation software applications to organisations world-wide, today announces strong interim results for the six months ended 30 November 2009.

Financial Highlights

  • Revenue increased by 38% to £9.0m (2008: £6.5m)

- Licence revenue increased by 14% to £3.5m (2008: £3.0m)

- Services revenue increased by 59% to £5.5m (2008: £3.4m)

- Healthcare revenue increased by 36% to £6.1m (2008: £4.5m)

  • Trading profit* increased by 43% to £1.12m (2008: £0.78m)

  • Trading profit* margin of 12.5% (2008: 12.1%)

  • Diluted adjusted EPS (excluding share-based payments and amortisation of intangibles) increased by 10% to 1.9p (2008: 1.8p), reflecting an increase in the effective taxation rate

  • Cash balances as at 30 November 2009 of £4.7m (2008: £2.8m)

* Trading profit defined as profit before amortisation, share-based payments, interest and tax

Business Highlights

  • MAPS Healthroster gained 17 new NHS Trust customers (total at period-end stands at 98) with strong pipeline for Q2

  • The customer base for all rostering and bank staff products combined is now 242 Trusts

  • The first two sales of our new NHS e-Expenses solution were achieved within 30 days of launch

  • The first stand alone sale of BSMS Trinity, the Company’s new bank management solution, taking the total bank management customer base to 146 NHS Trusts

  • The first sales of our solution for electronic rostering of junior doctors and medical staff

  • Announced a major strategic partnership with NHS Professionals ("NHSP"), the largest provider of flexible staff managed services to the NHS

  • MAPS Maritime Suite selected by the world’s leading family entertainment company for its cruise line business

Post Period Events

  • The acquisition of Time Care AB, a leading Swedish-based software provider, to create Europe’s leading provider of workforce management software to the healthcare sector

  • Raised £8.3m through a cash placing of 15.1m new ordinary shares at 55 pence per share - the placing was substantially over subscribed

  • Geographic expansion continues into Australasia with first sale of MAPS Healthroster into New Zealand

Ian Bowles, Chief Executive Officer commented: "Allocate Software continues to grow at a significant rate. We remain focussed on strong organic growth through the expansion of the addressable market within the UK and internationally, and the integration of the acquired businesses. The Company achieved a robust set of results in the first half of the fiscal year and all sectors of the business continue to have a strong pipeline of opportunities entering the second half of the year. As a result, the Directors are confident that the company’s performance for the full year will be in line with their expectations."

To read full RNS interim results announcement including Chairman's statement click here