@UK PLC , today announces its unaudited interim results for the six months ended 30 June 2012.
- Revenues decreased by 13% to £1.095m (2011: £1.255m) due to a slow-down in company formations
- High gross margin ecommerce revenues increased by 13.5% to £563k (2011: £496k)
- Loss before tax increased to £363k (2011: £222k)
- Net Assets increased to £416k (2011: (£138k))
- Strong set of cash generating renewals for H2
- New UK sales force generated over £3.5m of proposals being submitted in H1 (2011: £0.3 m) and 77% organic growth in ecommerce revenues
- Indian office launched and profitable
- Visa collaboration progressing well, currently in discussions on two significant international customer opportunities
- First implementation of Care Marketplace has completed user acceptance testing and is proceeding into pilot
- @UK named as approved supplier within two UK public sector frameworks:
- UK Government's G-Cloud framework
- Four year national eCommerce framework agreement for all UK public bodies
Ronald Duncan, Executive Chairman, commented, "Our new sales force is delivering a significant number of low value analysis proposals. These should convert over time into higher value marketplace implementations. Thus we expect significantly higher future revenues as these progress through the sales and implementation cycle.
"Our international expansion is progressing well, and we have two high value opportunities where we have
identified tens of millions of dollars in savings.
"Last year we had a strong second half, which means that we have a strong set of cash generating renewals to
fund the second half of this year. This along with expected new sales gives us confidence in our ability to
deliver full year results in line with expectations."