EG : Audited results for the 12 months ended 31 January 2017

The Board of eg solutions plc (AIM:EGS), the back-office workforce optimisation company, is pleased to announce its audited results for the year ended 31 January 2017.

Financial Highlights

• Revenue for the year ended 31 January 2017 up 8% to £8.2m (2016: £7.6m)
• Adjusted EBITDA* for the year ended 31 January 2017 up 52% to £1.2m (2016: £0.8m)
• Adjusted Profit* Before Tax for the year ended 31 January 2017 of £0.3m (2016: £0.1m)
• Adjusted basic earnings per share* of 2.1 pence (2016: 1.2 pence)
• Basic earnings per share of 0.7 pence (2016: 0.8 pence)

* stated before charging share based payments of £22,000 (2016: £98,000) and non-recurring charges, including board restructuring costs, of £263,000 (2016: £nil)

Operational Highlights

• Refocused sales and distribution strategy
• Multiple new contract wins across multiple sectors and territories
• International Direct and Partner business now 37% of revenues (2016: 24%)
• Three new partners signed. Revenue stream of £1.45m, 18% of total, (2016: £0.34m, 4%)
• New eg mobile™ deployments agreed for 2017 across several customers
• Strong contracted forward order book with recurring revenues of £18.55m (2016: £17.40m)

Elizabeth Gooch, CEO of eg Solutions commented:

'I am delighted with the performance of the business, particularly in the second half of the year. In generating revenues of £5.7m and an adjusted EBITDA of £2.1m in a six-month period, we demonstrated just what the business is capable of. Our realigned strategy of focusing on sales and distribution channels is paying great dividends. We have over the past few months delivered multiple new contract wins, expanded our international business, increased our partner distribution channel and achieved sales of our new mobile platform.

There is real momentum within the business and I look forward to the new financial year with confidence.'

For full release and final results read the PDF