Growth has continued at Cedardata Plc, the accounting and financial software developer, which floated in March last year. The New Malden, Surrey-based Oracle Corp value-added reseller’s half year results to September 30 showed pre-tax profit up 34% at UKP1.3m on turnover that rose 42.9% at UKP3.7m. The greatest growth in revenue came in software licences which rose 51.9% at UKP1,703, and maintenance revenue, up 44.1% at UKP793,000, while consultancy and training turnover grew 7.1% to UKP675,000. However, revenues from Cedardata’s bureau services fell 34.9% to UKP147,000. The company had cash balances up 40.5% from the beginning of the year at UKP3.82m and a nil gearing ratio. On news of the results Cedardata’s shares rose 1.8% to 108.5p. The company says a significant contract that included suppling low-margin computer hardware affected the turnover-profit ratio but that margins remained highly satisfactory. On the product side the company is continuing its development of a graphical user interface for its financial accounting product range, called CFACS, which it says is set for release in the first quarter of next year.
