Dillistone Group (DSG: LSE), the UK-based supplier of recruitment software to the executive search industry, today reported revenue for the full year ending 31 December 2016 of £9.96 million, an increase of 6% compared with £9.44 million a year ago.

The company supplies its recruitment software for the international recruitment industry through its Dillistone Systems and Voyager Software divisions.

Dillistone also reported a record level recurring revenues of £7.02 million, up 6% from £6.61 in 2015. Recurring revenues, representing 71% of Group revenue, covered approximately all of administrative expenses before acquisition related and one-off costs. Profit after tax for the year is £0.52 million after a pre-tax one-off amortisation adjustment of £0.72 million.

Meanwhile, Dillistone Systems division reported a turnaround in new business wins with more than 100 new client firms signing up in the period with a total contract value of over £1 million. Revenue was up 5% to £4.85 million compared to last year. The Voyager Software division saw an 18% increase in new business wins in 2016. Moreover, it launched ISV Online and the first of a suite of mobile apps. Revenues grew 6% to £5.10 compared to the previous year.

“Product development continues to be a priority with a number of upgrades and new product launches successfully achieved in 2016,” Mike Love, Non-Executive Chairman, said. “The year delivered a record level of revenues, and equally importantly, recurring revenues. “Overall, despite what we consider to be short-term economic turbulence, the Group believes that it is in a strong position in its core markets and is confident of future progress. As a result, we are delighted to propose an increase in our final dividend of 1.8% to 2.8p.”