CODA keeps 'head above water'
CODASciSys, the group that includes accounting software provider CODA, has posted a mixed set of half-year interims.
Link: CODA posts solid results
The group’s operating profit before tax, exceptional items and goodwill was £3.7m, a 45% increase on last year’s figure of £2.5m.
However CODA’s revenue fell during the period to £21.6m, from £22.5m.
‘We are keeping our heads above water, and doing well compared to our competitors,’ CODA chief executive Jeremy Roche told Accountancy Age. ‘But lots of organisations are not spending. The market is more competitive and prices are being cut.’
Roche added that CODA is seeing ‘good customer retention’, but the company is having to work hard and ‘concentrate’ on going forward.
He revealed that CODA gained more users during the period compared to last year, but had to ‘adjust prices’ due to increased competition.