Healthy revenue growth for Allocate

29th Jan 2010 12:08

Acquisitive personnel software provider Allocate Software saw strong growth in revenue at the interim stage, helped by a number of contract wins with NHS Trusts.Revenue in the six months to the end of November rose 38% to £9m from £6.5m the year before. Organic revenue growth was 27%. Licence revenue rose 14% (7% on a like for like basis), services revenue improved 59% (44% like for like) and healthcare revenue jumped 36% (27% like for like).'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,' said Ian Bowles, chief executive officer of the company.The growth in profit before tax was less eye catching, up 2.4% to £0.67m from £0.66m the year before, when profits were boosted by a £0.07m net finance income.Cash balance at the end of the reporting period stood at £4.7m, up from £2.8m at the end of November 2008.The company added 17 NHS Trusts to its MAPS Healthcare customer base during the reporting period, boosting the number to 98, and the company said it has a strong pipeline of prospects for the second half of the financial year. The customer base for all rostering and bank staff products combined is now 242 Trusts, the company added.