US compliance drives Coda profits
Coda increases interim profits as demand for compliance services grows in the US
Finance systems business Coda has announced growth in its
half-year interims, driven by demand for compliance services in the US.
Coda’s revenue for the six months to June was £22.9m, compared
with £21.6m a year earlier. Profit increased by 26.8% to £4.5m, which included a
£90,000 contribution from newly-acquired subsidiary Coda France.
Jeremy Roche CEO of Coda, said: ‘Coda has seen
strong sales of licences and services in the period, with growth in the US
particularly pleasing, driven by demand for compliance solutions.’
Roche said the company had signed 53 new deals
in the first six months of the year, compared with 79 for the whole of 2004. He
added that Coda had ‘a number of product announcements’ planned for Q4 2005, and
would continue its acquisition strategy across the globe.