Access Intelligence, the compliance Software as a Service (SaaS) buy and build led by former Sage Group chairman Michael Jackson, announced preliminary results for the year to 30 November 2010. The good news was that revenues increased to £8.0 million (FY 2009/10: £5.8 million) – with recurring revenue increasing to £5.2 million (FY 2009/10: £3.5 million) on the back of good performances from its e-Procurement (Due North) and Stakeholder Relationship Management (AIMediaComms) divisions – with both beginning to add private sector clients to its public sector core customer base.
Less positive was the results of the Training and Compliance division. Performance at Cobent (compliance products for FDA regulated life science companies), acquired in March 2010, was subpar, with sales of c. £950,000 - £ 1 million or so short of management expectations. The shortfall resulted in the departure of Cobent’s founder from his executive role at the group (though he is staying on as a non-executive director at the group level) and the £.2.6 million writedown of Cobent’s goodwill. However, MS2M (financial services compliance) fared better.
Adjusted operating profit (excluding the Cobent goodwill impairment, acquisition costs and compensation for loss of office) was £1.5 million (FY2009/10: £584,000). The net loss (inclusive of the former was £1.6 million (FY 2009/10: £601,000 profit).
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