EDP warns of headwinds

26th May 2011 14:34

IT solutions provider, Electronic Data Processing (EDP), has posted interim profits of £497,000 but warned of tough trading conditions ahead.Much of the firm's profit came from the sales of its head office in Sheffield, which netted a windfall of £355,000.EDP said a move to leased premises in June would generate annualised savings of £60,000.Turnover was flat at £2.75m for the six months to 31 March 2011, compared to £2.77m the year before.Chairman, Michael Heller, said he expected customers to remain cautious in their attitude towards recovery. "With our substantial recurring revenues, strong product offering and considerable balance sheet strength we are well placed to take the business forward as the markets we serve and the economy generally show signs of sustained improvement," he said.Group net assets were £7.26m at 31 March 2011 compared with £6.70m six months previously.The company said it would pay an interim dividend of 0.713p per ordinary share, the same as last year.--mm