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Wednesday 15 May 2019

Sanderson confirms strong H1

logoSanderson Group confirmed the bright H1 performance indicated in its most recent trading update when releasing results for the six months to 31 March 2019: an 18% revenue increase to £17.2m (16% on a comparable basis, excluding  IFRS 15 impact), with operating profit rising 34% to £2.8m (20%+ excluding IFRS 15 impact).

The Digital Retail division contributed £5.98m revenue (vs. £5.91m pre IFRS 15 and £5.37m in 2018) and operating profit of £1.22m (£1.10 m pre IFRS 15 and £0.94m in 2018). This compares to Enterprise division revenue of £11.20m (pre IFRS 15 revenue of £11m) and £1.57m operating profit (£1.44m pre IFRS 15 and £1.14m in 2018); the division benefitted from contribution from the Anisa acquisition.

The important metrics of recurring revenue, cash generation and order intake are strong with both existing customers investing further (Richer Sounds, Office Holdings, NHS Blood and Transplant, Centrica), and new customers coming on board (Hawes & Curtis, Rhodes Freight Services).

The rate of revenue growth declined from the acquisition fueled 34% of the year ago period but with 11% organic growth in the previous year, the most recent growth rate appears to be closer. Looking forward, there is a lot to build on, including the launch of the "Lean Retailer" initiative. This is aimed at continually improving operational efficiency within retailers and Sanderson says it is generating a good level of early interest. These sorts of supplier initiatives, that help organisations with the ‘how’ of transformation, are important value offerings demonstrating the ability to think beyond the technology.

Elsewhere, the company continues to invest, particularly in mobile and ecommerce solutions and business intelligence across the retail, wholesale and supply chain logistics sector domains. Food and Drink processing is an up and coming sector for Sanderson and one where it is looking to further build its presence. It also sees opportunities to expand subscription, cloud and managed services revenue. With its retail division plus three segments within the Enterprise division, the company has several levers it can work to impact performance and balance risk and due to the growth within Digital Retail, is a better balanced business than it was a few years ago.

Posted by Angela Eager at '09:42' - Tagged: results   software  

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