New Malden, Surrey-based Cedardata Plc, supplier of accounting and financial software, says its excellent half year results are due to winning several substantial orders earlier in the year than it had expected. Before tax, profits rose 49.2% to ú2.0m, largely from the growth in high margin licence sales, increased use of consultants, and better margins from the growth in software resale activities, and turnover rose 43.1% to ú5.3m. Indeed increasing profits and turnover have been the order of the day for the company which floated in 1994 (CI No 2,365). And to cope with the company’s good fortune, it has recruited more sales and support staff and taken a short term lease on nearby premises to accommodate the new employees. Total staff numbers are now 111 compared to 74 at the time of the flotation. Sales from consultancy and training services rose by 52.0%, revenues from sales of third party hardware and software – Cedardata is an Oracle Corp value-added reseller – more than doubled, and recurring maintenance revenues increased 40%. An interim dividend of 1.31 pennies, an increase of 25%, will be paid this year. Chairman Sidney Cordier said the high rate of growth had created further possibilities for expansion and to take advantage of the possibilities senior management was being shuffled. Sales and marketing director Harry Menasche becomes business development director, with responsibility for pursuing these opportunitires. Graham Wallis, commerical manager, joins the board in Menasche’s old job.
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