Access Intelligence positive despite loss

SOFTWARE and computer services firm Access Intelligence today said it had slipped to a £1.55m loss despite turnover rising.

The York-based firm, made a £1.55m loss for the 12 months to November 30, compared to £520,000 for the previous year.

Turnover from continuing activities rose 38 per cent to £7.97m.

Hide Ad
Hide Ad

The firm, which last year bought rival Cobent for £5.2m, supplies software and computer services. Today it said it had seen a strong performance from all other subsidiaries.

Michael Jackson, executive chairman, said: “Investment in technology across the group will continue following the successes of 2010 that have led to several significant product upgrades either completed or for launch in the first half of 2011.

“The board remains confident that the strategy to focus on compliance and the group’s ability to offer a “rented” as well as a “purchased” solution through software-as-a-service will provide good long-term returns for our shareholders.”

Cobent contributed an operating profit of £183,153 during this financial year, Acess said.

Hide Ad
Hide Ad

In a statement the firm said this was below initial expectations.

It added: “However this lower than expected performance and the current need to rebuild both the sales and marketing team and the sales pipeline have led to the directors deciding upon a goodwill impairment charge for the year of £2,600,000. Despite this setback Access Intelligence remain confident that we have an excellent software product in the Cobent Learning Compliance Suite.”

Last month Access began setting up a new management team at Cobent and the company is being streamlined to bring costs in line with current sales levels, it added.

Related topics: