Systems Union posts healthy results
Financial and accounting software provider, Systems Union has announced a pre-tax profit of £4.3m for its year end, 31 December 2002. Analysts have placed a 'buy' recommendation on the companies stock.
But despite the increase in pre-tax profit, overall turnover decreased by 4.8%, with much of the group’s increased profitability down to a low tax rate and decreased costs.
‘The Group’s low tax rate reflects the benefit of corporate tax losses brought forward,’ the company said in the statement. Total costs were also reduced by 10%, to £66m.
The group, which has Bob Morton of Tenon saga fame as its non executive chairman, claims it will continue to grow both organically and through acquisition after posting results which seem to have outperformed much of the industry.
The Systems Union group of companies includes SunSystems, Pegasus Software and REDtechnology.com.