Access Intelligence sees profits fall

Pre-tax profits for the six months to May 31 were £21,000, down from £470,000 posted over the same period last year.

Revenues also dipped from £4.13m to £4.03m, while adjusted earnings before interest, tax, depreciation and amortisation fell from £704,000 to £432,000.

York-based Access bought rival Cobent in March 2010 for £5.2m. It made a loss of £230,000 over the period, excluding one-off re-organisation costs of £202,000.

Chairman Michael Jackson said: “With the exception of Cobent, which now has a new management team in place, all group companies have performed well.

“We are seeing continued demand for our products and services and I am pleased to report that recurring revenues are now up to 65 per cent of group turnover.

“The sale of Solcara for £2.5m post the period end demonstrates the potential for further value creation from companies within our portfolio and we look forward to the future with confidence.”

The company, which accepted the resignation of board member Howard Sears yesterday, is to pay a special dividend of 0.1p on August 26.

Access posted a full year loss of more than £1.5m in its last full year results