Dillistone Group Plc, the supplier of recruitment software, announced that interim results to June 2011 showed sales of £2.3 million (2010: £2.0 million), pre-tax profit of £551,000 (2010: £512,000), EPS of 2.33p (2010: 2.22p) and DPS of 1.17p (2010: 1.17p). The company reported that recurring income was £1.38 million (2010: £1.2 million). Period end net cash was £2.1 million (2010: £1.9 million).
It was also announced that an agreement has been reached to acquire Woodcote Software Ltd for an initial consideration of £1.9 million, comprising £1.5 million in cash and the balance in shares, together with performance based deferred consideration of up to £1.9 million. This transaction is being accompanied by a placing to raise £500,000 at 72p per share.
Woodcote, through its wholly owned subsidiaries, sells software products targeted at UK and Australian recruitment agencies. It has over 700 active unique clients and nearly 5,000 active licenced users. For the year to June 2011, Woodcote achieved sales of £2.2 million, with high recurring income, and pre-tax profit of £139,000.
The acquisition will take Dillistone into a far larger market.
The DSG share price has increased by 54% over the last year.
Dillistone Group Plc is currently graded b by LCF Research. To learn more, follow the link.
