Access seeks targets for acquisitions

SOFTWARE group Access Intelligence is gearing up for acquisitions after building a £4.7m war chest.

The company, which has its MS2M division in York, yesterday said revenues in the six months to the end of May fell three per cent to £4.03m. Pre-tax profits slumped to £21,000 from £470,000 a year earlier.

It blamed the performance on poor management in its Cobent compliance software business, which lost £230,000 and also cost £202,000 in turnaround fees. Executive chairman Michael Jackson said with the exception of Cobent the results were “pretty good”.

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After recently selling legal search business Solcara for £2.5m, it plans to reinvest some of this in buying businesses in the compliance sector.

Shares closed up 0.26p at 3.38p, valuing it at £8.7m. Mr Jackson said the company is undervalued.

Access declared a 0.1p special dividend from the Solcara sale.

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