Sales on the up at EG Solutions
Revenues have soared 21 per cent at Staffordshire-based EG Solutions. Sales at the company increased to £5.1m from £4.2m in its comparable 2010 results. The software solutions provider also said that pre tax profits and costs relating to its acquisition of XTAQ were up 400 per cent.
EG Solutions released the information in its year-end statement to 31 January 2011 to the Stock Exchange.
The company, which acquired XTAQ during the last financial year, said pre-tax profit and costs relating to the purchase were up 400 per cent to £500,000.
EG Solutions also said that it had recovered a “significant increase” in South African revenues. Sales in South Africa reached £1.2m, compared with £350,000 the year previous.
Rodney Baker-Bates, non-executive chairman, said: "The momentum of last year has continued. We have a strong sales pipeline and expect to continue to win new contracts from existing and new customers, as well as benefiting during 2011/12 from contracts won last year.
"Current trading is positive, with contracted and recurring revenues accounting for 54 per cent of our expected revenues for the year (2010: 52 per cent).
"The bard plans to build on this success and we are confident that the company will achieve further profitable growth in the coming year."
