UK financial software house Coda Group Plc appears to have redeemed itself and returned to profitability after concentrating on the growth of its client-server business and the restructuring of its US operations. The Leeds-based company reported a 30.8% increase in revenue to $33.3m, while net and pre-tax profits rose to $100,000 from losses of $6.2m last time, for the six months to April 30. Revenue generated from the company’s Open Client-Server version of Coda-Financials rose 79% in the period. In November, Coda spent $3.5m on the acquisition of Reykjavik-based software firm SHS Ehf and since then has been working on the integration of SHS’s Windows-based business software into its Open Client- Server Coda-Financial product which, Gaskell says, will be available for release in October. Gaskell said Coda Inc in the US is now in a position to grow profitably in a market that the company views as its largest. Although finances look to be on the up for Coda, it hasn’t been all plain sailing in the interim period which saw the resignation of the company’s finance director Ian Shay in April (CI No 3,145) who went to pursue alternative opportunities. Chairman Colin Gaskell said the company is still searching for a replacement, who will be initially located in the US and hopes to make an announcement in the next few months. No interim dividend will be paid.
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