2016 Un-audited & Consolidated Accounts

2016 Un-audited & Consolidated Accounts

LONDON, March 22, 2017

Significant growth of recurring software revenue

( GBP) December 31 2015 December 31 2016  Variation

Consolidated Turnover 

Total Software revenue

Recurring Software revenue

Consultancy revenue






















Our 2016 accounts reflect the recent emphasis that we have put on increasing our recurring software revenue flow. That revenue is now generated by 339 contracts with clients from the 10 countries where we have direct operations (with also a few in the Middle East). This recurring revenue, from subscription, hosting and maintenance, has increased by 27% from 2015 to 2016 (£6.5M/$8.8M). This revenue represents 38% of our consolidated 2016 turnover (against 26% in 2015). Our aim is to reach $15M/50% of turnover within 3 years.

The fall of consolidated revenue (15%) mainly comes from the decrease of the consulting activity.

Both the software revenue and EBITDA decreases are a consequence of the increase in recurring revenue from subscriptions. We have signed some significant software contracts with two of the largest European banks in Q4 2016, for our new Performance Support/Cloud based offering. The projects will be fully deployed in Q2 2017, and we expect up-selling through the addition of users and new target applications. From an accounting perspective, these contracts have barely impacted our 2016 P&L, due to the way subscription revenue is recognised, even though the clients are committed for 3 years. Had we sold our software through the perpetual/maintenance model, our EBITDA would have exceeded £1M.

The full set of our 2016 audited accounts will be published on the company’s web site and Euronext on or before April 28, 2017.Some adjustments may be incurred before audit but they are not expected to be material.

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Contact: Michel Balcaen
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