Final 2016 Results Announced by Dillistone Group Plc
Dillistone Group Plc, the AIM quoted supplier of recruitment software for the international recruitment industry through its Dillistone Systems and Voyager Software divisions, is pleased to announce its audited final results for the 12 months ended 31 December 2016.
Highlights for the year:
– Revenues up 6% from 2015 to £9.963m
– Record level of recurring revenues of £7.027m, up 6% from 2015
– Recurring revenues, representing 71% of Group revenue, cover approximately all of administrative expenses before acquisition related and one-off costs
– Adjusted operating profit for the year up 3% to £1.463m
– Profit after tax for the year is £0.526m after a pre-tax one-off amortisation adjustment of £0.720m.
– Adjusted basic EPS fell slightly to 7.10p (2015: 7.26p)
– Basic EPS fell to 2.68p (2015: 6.20p) reflecting the amortisation adjustment
– Final dividend of 2.8p per share recommended (2015: 2.75p)
– Net cash funds of £1.379m (2015: £1.270m)
– Dillistone Systems division reports strong turnaround in new business wins with over 100 new client firms signing up in period with a total contract value of over £1.000m. Revenue up 5% to £4.858m
– Voyager Software division saw an 18% increase in new business wins in 2016; launched ISV Online, and the first of a suite of mobile apps. Revenues grew 6% to £5.105m
Commenting on the results and prospects, Mike Love, Non-Executive Chairman, said:
“Product development continues to be a priority with a number of upgrades and new product launches successfully achieved in 2016. The year delivered a record level of revenues, and equally importantly, recurring revenues.
“Overall, despite what we consider to be short term economic turbulence, the Group believes that it is in a strong position in its core markets and is confident of future progress. As a result, we are delighted to propose an increase in our final dividend of 1.8% to 2.8p.”
Definitions:
1 Adjusted operating profit is statutory operating profit before acquisition costs, related intangible amortisation, movements in contingent consideration and other one-off costs. See note 4
2 Adjusted EBITDA is adjusted operating profit with depreciation and amortisation added back.
3 Net cash funds are cash and cash equivalents held less bank borrowings
4. Adjusted basic EPS is computed from statutory profits after tax adjusted to exclude the post-tax effect of acquisition costs, related intangible amortisation, movements in contingent consideration and other one-off costs
Results Webinar – Jason Starr, Chief Executive, and Julie Pomeroy, Finance Director, will be hosting a webinar to review the results at 3.00pm today. To register please visit https://attendee.gotowebinar.com/register/1261206189971767042 or contact Tom Cooper on tom.cooper@walbrookpr.com or 0797 122 1972.
Annual Report and Accounts – The final results announcement can be downloaded from the Company’s website (www.dillistonegroup.com). Copies of the Annual Report and Accounts (in addition to the notice of the Annual General Meeting) will be sent to shareholders by 16 May 2017 for approval at the Annual General Meeting to be held on 7 June 2017.
Notes to Editors:
Dillistone Group Plc (www.dillistonegroup.com) is a leader in the supply and support of software and services to the recruitment industry. It has four trading businesses operating through two divisions: Dillistone Systems, which targets the executive search industry (www.dillistone.com); and Voyager Software, which targets other recruitment markets (www.voyagersoftware.com).
Dillistone has made three acquisitions: Voyager Software in September 2011, FCP Internet in July 2013 and ISV Software in September 2014. The Group operates under the FileFinder, Infinity, Evolve and ISV brands.
Dillistone was admitted to AIM, a market operated by the London Stock Exchange plc, in June 2006. The Group employs over 100 people globally with offices in London (head office) Basingstoke and Southampton, Frankfurt, New Jersey and Sydney.
