Wakebourne Plc, the phoenix of the Maddox Group ashes, has bounced back into the black in its interim results to June 30. The computer services company, of Hanworth, Middlesex, had pre-tax profits of UKP716,000, as against losses last time of UKP19.1m. Wakebourne believes that any comparisons with the first half of last year are false because of the large amount of one-off provisions associated with the disposal of non-core activities. However the underlying growth rate in operating profits for computer services was over 20% and this has come from organic growth and acquisitions. Organic growth has been project-led with a substantial increase in volume for branch automation projects and associated network contracts from the Halifax Building Society, Co-operative Insurance Society and Renault Financial Services. Cablng and remote network management services have also performed well. In January Wakebourne acquired Source Two Ltd, provider of specialised computer-aided design products and services and in August the accounting software and support business of Computer Answers Europe Ltd. Earlier this month Wakebourne won a UKP2.3m technology support contract from the European Bank for Reconstruction & Development. Wakebourne believes it has made significant progress in settling outstanding matters concerning Maddox. Its investment in Lantek Electronic Inc remains under review and Wakebourne said Lantek’s expected merger with VTX Electronics Corp has not proceeded. It hopes to resume the payment of a dividend at year-end.
