Access Intelligence, the compliance Software as a Service (Saas) group, released a trading update and held an investor briefing on December 16th 2010. The company reported that it expects sales for the year to November 30th 2010 to be short of estimates (at c. £8.1 million vs. the £9.3 million forecast in its broker's last note). However, adjusted EBIT should be in line with the previously forecast £1.5 million.
The cause of the sales shortfall was primarily that Cobent, Access's e-learning and compliance training division, got off to a slower than planned start after soft summer sales. Cobent's primary customers are small and medium sized pharmaceutical industry players (drug developers, manufacturers and contract research organisations - CROs) and these clients were slow to write cheques throughout the period.
Access reported that Due North (SaaS e-procurement products) and AIMediaComms (SaaS media relations management products) are both expected to deliver good results as their core public organisation customers were pushed to increase efficiencies.
Access Intelligence also reported that Joanna Arnold, who has been a key player in its acquisition strategy has joined its board of directors.
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