Allocate Software posts adjusted earnings fall

Allocate Software, supplier of workforce management tools, on Tuesday reported a drop in earnings for the half-year.

The AIM listed company said adjusted earnings before interest, taxes, depreciation, and amortisation fell 62.5% to £0.6m in the six months to November 2012.

A diluted adjusted loss of 0.1p earnings per share (EPS) was posted, compared to a 1.8p EPS in the comparative period.

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That despite a slight 0.62% increase in revenues to £16.1m, driven by strong trading of products and new subscriptions.

Operating cash flows were also up 0.5% to £0.9m with a gross cash balance of £6.1m, up from £4.0m in the previous year.

The firm's products including the HealthRoster roster system and the Allocate Clinical Staff Planning application helped drive revenues in the period along with business in Australia and Sweden.

"I am pleased with the overall performance in the first half, particularly after such a slow start in the first quarter," said Ian Bowles, Chief Executive Officer of Allocate.

"The principal drivers of our healthcare business are performing to expectation with the number of new HealthRoster customers remaining strong; the continuing 100% close rate on HealthRoster renewals; the rapid growth of the Cloud business and the continued adoption of Allocate RealTime Patient Flow application within the HealthRoster customer base."

RD