Microgen margin rises above target

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Date: Thursday 17 Jul 2008

LONDON (ShareCast) - Software group Microgen saw profits surge 23% in the first half thanks to operating margin rising above company target and strong performance from its flagship product.

Operating margin for the first half was at 17.4% versus 16.6% in the first half of 2007, ahead of the board's declared target

The group said Microgen Aptitude based solutions, its flagship product, now account for 18% of the group's turnover against 8% last year, an organic growth rate of over 140%.

“In unpredictable market conditions, Microgen has produced an excellent operating performance in the first half of 2008 with operating margins ahead of the Board's defined target and a strong performance from Microgen Aptitude,” said the group.

Profit before tax increased to £3.9m from £3.2m in the same period last year on revenue that rose to £16.9m from £16.4m previously.

“With a very strong balance sheet, including cash of £21.2 million, high levels of recurring revenue and a flagship product, Microgen Aptitude, delivering strong organic growth, Microgen is well positioned in the current market uncertainty,” said the group.

Interim dividend was raised to 0.7p per share from 0.6p.

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