Allocate Software confident on full year

Allocate Software, a provider of workforce and compliance software, said

total revenue for the year was flat while EBITDA fell to £1.6m from £3.8m before.

The IT firm, which specialises in software that organises shifts in the healthcare sector, British Army, Nato and Australia's armed forces, said revenue in the period was £16m for the six months ended 30 November 2011 compared to £15.9m before.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Underlying organic revenue growth, excluding acquisitions in the current year and the major Australian Healthcare contract secured in the previous year, was 15%.

The group, which is a major supplier to the NHS, said recurring revenue increased by 42% to £7.5m and to 47% of total revenue. Licence revenue fell to £5.4m from £7.7m and Healthcare revenue slipped to £12.1m from £12.6m.

Chief executive officer Ian Bowles said he was pleased with the momentum and performance so far this year.

"Securing the multi-million pound, long term agreement with the Australian Defence Force in December is of significant importance to our full year revenues. This, combined with our confidence in the levels of business that we are seeing in our markets, enables us to look forward to a successful full year outcome," he said.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.