Monday, 29 June 2009

Profits and growth in sight for Portrait Software

(By Philip Carnelley 9.00am 29 Jun 09) AIM-listed CRM software provider Portrait Software heralded a return to profitable operation in its second half, when it announced its results for the year to 31 March (see here). It appears that the appointment of Luke McKeever as CEO back in November is having the hoped-for effect. Non-exec Chairman John O’Connell, who left in February (see John O’Connell gives up chair at Portrait Software), was finally replaced earlier this month, by Paul Hewitt.

Overall Portrait’s revenues held steady at £14.4m (2008: £14.1m) for the year and the company said that new licence fees grew 75% in the second half, after they had completely dried up in its Q2. The return to profit in the second half couldn’t quite save the full year numbers – operating loss was £765k before exceptionals. With exceptionals – primarily cost of staff reduction and an “onerous property lease” – the operating loss was £2.8m. We have a meeting with the (new) management later today and will post any more insight we glean later.

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