Dillistone Group (DSG: LSE), the UK-based supplier of recruitment software to the executive search industry, yesterday reported revenue of £4.8 million during the six months ending 30 June 2016, an increase of 2% compared with £4.7 million during the same period last year. 

The company has stated that it saw encouraging success with FileFinder Anywhere, its software that combines the power of browser-based technology with the flexibility to access data on a multitude of devices. New business orders for the period of January to August were already ahead of the equivalent value for the whole of 2015 and May 2016 saw a record month for implementations of FileFinder licences. Earlier this year, Dillistone announced that it had secured an order for its FileFinder Anywhere product from French executive search firm Alexander Hughes International.

“After a challenging 2015, we are very happy to deliver an encouraging set of results for the first half of the year, with the recently announced record implementations and orders expected to underpin future periods,” Chairman of Dillistone Group, Mike Love, said.

“As expected, we have returned to revenue growth as our continued investment in product development is progressively delivering positive results,” Love said. “Investment in our products remains key to the future success of the business. We are increasingly selling SaaS (software as a service) based products which have less short term revenue impact but favour longer term recurring revenue. The advantage to this style of contract is recurring revenue visibility, albeit that it often appears that there is a delay in these new contracts reflecting in the group’s results.”

“We also continue to pursue growth through targeting complementary acquisitions. This is a strategy that has served us well in the past and which remains part of our core strategy at this time,” Love said.

Dillistone primarily derives its revenue from three regions; the UK, the US, and Australia

The Board expects the Dillistone to make further progress and results are anticipated to be in line with market expectations with the group delivering both revenue and operational profit growth in the full year.

In trading yesterday, Dillistone traded at £85.00, up 1.79% on the day. Based on its current share price, the company has a market value of £16.7 million.