MMT Computing Plc, the London-based software house, has continued the success of its first half, posting pre-tax profits up 45.2% at UKP2.5m on turnover up 53.9% to UKP10.9m in the year to August 31. It has also announced the intention of moving from the Unlisted Securities Market, where it has resided for the past 11 years, to a full listing in the near future. MMT attributes its success partly to a general improvement in trading conditions in the whole industry, but mainly to the growth of its London office, which focuses mainly on retail and finance software, where profits were UKP1.9m. MMT Computing South East Ltd, primarily involved in insurance and energy, saw profit of UKP375,000, while MMT Computing AS Ltd was UKP200,000. However, the company’s 45% stake in its Reading associate is yielding increasingly low returns, down to UKP17,000 for the full year from UKP22,000 in the half. MMT’s hands remain tied as to the future of the associate, but as long as it continues to pay a dividend, MMT is not too worried. The UKP617,000 interest received on its UKP4.5m cash has more than halved compared with last year, however MMT has no plans to invest the money in any other way at the moment. Results include UKP55,000 from the sale of the company’s residual stakes in Total Computing Systems Plc, the UK financial and insurance software house, and P-E International Plc. MMT has also increased its holding in Sherwood Computer Services Plc to 5.3%, stressing that this is purely an investment. MMT’s board recommends a final dividend of 3.7 pence per share, 5.2 pence for the year, up 30 on the dividend last year. The market liked the results and MMT’s share price added 8p to 180.5 pence.
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