Wednesday 16 July 2014

Access Intelligence - interims

A solid set of interim results released today from Access Intelligence which look in line with market expectations.

It's still early days yet, but at this stage it's encouraging to see that recurring revenues are 79% of total revenues, up from 72% at the full year, contracted revenue not yet invoiced is up 22% to £6.7m from £5.5m in H1 2013, and total revenue yet to be recognised in the income statement is £9.8m up from £8.7m in H1 2013.

Cash balances are down by £1.13m over the year, but just £381,000 in the last six months.

The current trading statement is certainly the most positive that they have issued since I've been a shareholder where they state that:-

"The business pipeline continues to grow with a number of exciting opportunities on the horizon to deliver a combined product offering using the new platform."

and

"The consistent, year-on-year increases in contracted revenue not yet invoiced, our recurring revenue base and sustained investment in innovative product development, demonstrate the Group's long term stability and provide a solid foundation for continued growth."

Cash generation is good. Cash inflow from operating activities was £518,000 compared with £278,000 in H1 2013.
In the main body of the text it is clear that all divisions have performed well and prospects continue to improve.

The company is well under the radar of most investors.

The share price initially dipped on release of these results, but volumes were very light and a number of small buys quickly moved the share price back up.

I remain optimistic about Access Intelligence's future and potential growth prospects.

See previous update:-

http://michae1mouse.blogspot.co.uk/2014/04/access-intelligence-final-results.html

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