UK business applications software provider, COA Solutions Ltd., has today reported strong profitable growth for the year ending March 31, 2008. Turnover has increased by 10.3% to £55.7m with earnings before interest, taxes, depreciation and amortisation (EBITDA) increasing by 24% to £12.4m. COA Solutions also reports a record level of new orders with an order intake growth of 41%.
Mark Thompson, Managing Director of COA Solutions says, "Once again, we have achieved strong financial results, consolidating COA Solutions' position as the leader in the UK mid-market segment for financial management, procurement, document management, business intelligence and human capital management systems. In a time of economic uncertainty, COA Solutions is positioned strongly, remaining in the top quartiles of the UK software industry for revenue and EBITDA per head. Moving forward, we are well-positioned to build on this success, and by focusing on understanding our customers' requirements, we plan to further strengthen COA Solutions' market leadership."
Financial year 07/08 highlights include:
- Acquisitions of eProcurement company Belmin (completed March 08) and HR specialist ASR Computers Ltd. (completed April 08), strengthening COA Solutions' footprint in the healthcare sector and HR offering.
- Order intake growth of 41% and software licence order (margin) growth of 24%.
- New software licence sales accounted for 29% of annual revenues.
- Service order growth of 62% year-on-year and service order backlog was up by 83% to £6.4m.
- Recurring revenues (maintenance and support) represented 44% of total revenue, providing COA Solutions with a high quality and predictable revenue stream.
- Billable staff utilisation averaged 73%, a 13 point increase which compares favourably with averages across the UK software industry.
- Revenue per head remains in the top quartile of the UK software industry at £120,000.
- Over 340 new customer wins.
- Days sales outstanding were 71 days and there was a positive cash movement of £8.1m.
Notes to Editor:
About COA Solutions www.coasolutions.com
COA Solutions (formerly CedarOpenAccounts) is the UK's leading supplier of integrated business management and information systems to public, private and not-for-profit organisations in the service sector. COA Solutions prides itself on getting close to its customers by understanding their businesses and responding to their business needs.
COA Solutions' award-winning Smart Business Suite combines core financial management, procurement, human resource and payroll systems, integrated with a range of collaborative, document management and business intelligence solutions. These solutions extend the value and effectiveness of the finance, HR and payroll departments across the organisation and enable managers in the business to monitor, analyse and continually improve corporate performance.
COA Solutions has more than 500 experienced and professional staff supporting and servicing over 4,000 clients across the UK service sector including Companies House, Newcastle City Council, WHSmith, Royal Bank of Scotland, Aer Lingus, National Express Group, DFS, RSPB and Great Ormond Street Hospital for Children NHS Trust.
COA Solutions Contacts:
Liz Ebbrell, COA Solutions
Tel: +44 (0)1625 856505 or 07917 634 705
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