We are pleased to report that the Group continued its growth on the performance of 2009. For the 12 months ended 30 June 2010 revenue increased to £2.021m (2009: £1.891m). The Group’s continuing attention to cost control was such that total operating costs fell by 15% to £1.888m (2009: £2.215m). Overall, operating profit for the period rose to £0.133m from an overall loss of £0.158m. Notwithstanding the troubled economic backdrop, we have continued to win significant new business with key clients in our target markets. Our strategy to focus on enterprise deals continues to deliver success. With the release of our latest platform version, which includes some major innovative breakthroughs we have seen our pipeline increase dramatically both domestically, but more importantly, internationally – see our recent press release: Asite, SaaS North America and ReproMAX sign Strategic Relationship.
With the release of AppBuilder, our customers have taken the capability to build SaaS applications without any coding knowledge whatsoever and created their own App-Cloud.