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Morning round up | Published on 09/09/10
Profits ahead of expectations at ACS and TIG lands a biggie
Healthcare and business management software vendor Advanced Computer Software has issued its period end trading update this morning noting that EBITDA for the first half to August will be ahead of expectations. Revenues for the period are expected to be £47.3m with adjusted EBITDA of no less than £12m. Recently acquired COA is said to be settling in well and there have been some £2m of cost savings achieved since the acquisition closed. We had a chance to catch up with CEO Vin Murria to discuss the statement and the outlook for IT spending in the NHS – Premium subscribers can read our full write up in Newswire Plus.
TIG lands a biggie
Regular readers will know that we don’t tend to comment on contract wins but a statement this morning from Innovation Group caught our eye. The insurance software and BPO player has announced a£25m five year contract for Enterprise Rent-A-Car which will see it provide outsourced accident claims notification and deployment of vehicle hire and repair services. Volumes from the contract are expected to ramp up in Q1 2011 and are said to ‘underpin’ 2011 expectations (Ed. that’s code to the analysts to say ‘please don’t upgrade your forecasts’).
This contract is another sign of TIG’s return to health under the stewardship of CEO Andy Roberts. The challenge now is for the company to hit expectations for the year to September which, as we noted in our comments on the interims (Premium Plus subscribers see here for details), looked like quite challenging.
Improved earnings quality from Tikit in H1
Provider of software & IT services to the legal professions Tikit Group has reported a solid set of first half results which show higher margins driven by improved earnings quality. Revenues for the first half were flat at £13.2m but underlying profits increases 43% to £1.7m and Tikit also generated over £1.4m of net cash in the period. Net cash at the period end was £2.1m. Read our full review of the results in Newswire Plus.
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