Still suffering the effects of the depressed UK market, MMT Computing Plc, the London EC-based software house, has reported a fall in pre-tax profits of 38% to ?626,000 on a turnover that was down 17% at ?3.1m. Last month the company sold its 1.7m shares in London financial systems consultancy Quotient Plc to ACT Group, raising ?1.4m (CI No 1,646). Chairman Mike Tilbrook termed the deal a safety-first disposal, commenting that although it is likely that Quotient’s longer term prospects will be sound, the company’s immediate future is uncertain, a source of concern that MMT did not need. Groupe Segin SA, the French information technology specialist and consultancy which has a 20% stake in MMT, has recently merged with FTTB and Sodingforg, becoming a part of the newly-formed French company Axime SA, but Tilbrook expresses disappointment at the liaison, complaining that Axime to date has brought MMT no business at all. The recently established MMT Computing (AS) Ltd made its first profitable contribution during the first half, while MMT Computing (Training) Ltd continued to trade at a loss – course bookings, however, indicate that this may improve in the second half, Tilbrook says. A few redundancies have been reported MMT’s managing director refused to elaborate on numbers – and the company is still trying to shake off the two leases on unused space at its previous premises, which are running up unnecessary costs that MMT could well do without. But MMT is determined to keep smiling and, with ?3.4m cash in the bank, the company feels confident enough to maintain an interim dividend of 1 penny per share to be paid to shareholders on July 8.
