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BRIKAT CELBRATES STRONG SECOND HALF WITH NAME CHANGE TO PEGASUS

A record second half helped Brikat Group Plc lift pre-tax profits by 14% to UKP1.3m in a year of considerable change. During the year, the company be-gan the rationalisation of its loss-making activities, a programme completed last month with sale of the last of the 15 business centres acquired in 1985 and 1986. Subsidiaries in South Africa and the US, and the distribution arm serving the business centres, Micro Systems (Distributors) Ltd, were either sold off or closed. Towards the end of second half, venture capital group Advent Capital Ltd bought out founder Colin Stanley and estranged wife Kathryn with Advent managing director John Nash becoming Brikat deputy chairman. On the retirement of Derek Moon next month, Nash will become chairman and the Brikat/Advent link will be further strengthened by the appointment of software specialist and Advent director Neil Pearce to the Brikat board. Tony Barber is to succeed Chris Jones as finance director, and brokers Laing and Cruikshank have been replaced by Chase Manhattan Securities. As if all that is not enough, the company is changing its name to Pegasus Group Plc in recognition of the importance of Pegasus accounting software to its business. Pegasus accounted for 73% of the UKP5.78m turnover and 83% of the UKP1.69m pre-tax profits of continuing operations. Days Office Supplies Ltd contributed the rest. Pegasus is expected to grow revenue by over 20% this year with margins improving due to the introduction of new multi-user software. The target for Days is more ambitious – above the 35% compound growth of the last five years. The strengthened board is confident of the group’s future, especially after UKP1m plus second half profits. Acquisition of new products is set.

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CBR Staff Writer

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