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Systems Union hails record results

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Systems Union Group will announce record results when it files accounts for the year ended 31 December 2005.

The accountancy software group has, helpfully, issued a trading statement today to let investors and analysts know what to expect - although they already know what to expect, as the results are in line with market expectations.

Sales in 2005 advanced 8.5 per cent to £113m (2004: £104.2m) and EBITDA (earnings before bad stuff) grew 14 per cent to £16.2m (2004: £14.2m). Revenue growth was particularly strong in Asia-Pacific and the Americas.

The company is a good generator of cash, ending the year with £23.7m in cash (2004: £16.5m). Strip out £15m in medium-term bank debt and the net cash position falls to £8.7m (2004: £1.5m).

Press release is here. ®

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