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UK – Bond International revenue down but profits up

17 September 2013

Recruitment software provider Bond International Software PLC (BDI: LSE) announced recurring revenue of £17 million for the six months to 30 June 2013, a fall of -2.3% from £17.4 million for the same period last year. Operating profit for the period was £554,000 in H1 2013, up +151% from an operating profit of £221,000 during H1 2012.

Steve Russell, CEO of Bond International Software, commented: “There is no doubt that confidence is returning to the major markets in which we currently operate. We are seeing an increase in demand for our staffing software both in the UK and the US, which should lead to revenue growth in the second half of 2013 and into next year.”

“Bond continues to work with some of the world’s largest recruitment companies on deals to sell them the latest version of Adapt which will hopefully result in a series of material contracts over the next few years. Our Asia-Pacific operation is on track to complete their first major implementation in Japan, which we expect to complete in the last quarter of the year,” he added.

Revenue from recruitment software fell during the period to £8.7 million from £10.1 million a year ago, a fall of -14%. HR and Payroll Software recorded improved revenue year-on-year, rising to £2.65 million in H1 2013 from £2.33 million in H1 2012, an increase of +13.7%. The company’s Outsourcing business segment also reported an increase in revenue, rising +14.2% to £5.7 million from £4.99 million a year ago.

The United Kingdom remains Bond’s biggest market, accounting for 63% of total revenue, or £12.4 million. Revenue increased, year-on-year, across the UK by +7.8% from £11.5 million last year. North America reported falling revenue during H1 2013, dropping by -15% to £4 million from £4.7 million a year ago. Asia-Pacific performed most poorly, recording nearly half as much revenue during the first half of 2013 with £654,000, compared with revenue of £1.2 million last year.

In trading today, the company’s share price rose +10.74% to £0.82, an increase of +39.9% compared with a year ago. Based on its share price, the company has a current market value of £28.7 million.  

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