Year end results 2008
Coroni Technology is bucking the economic trend with continued improvements in its financial figures for 2008.
The Peterborough firm, whose financial year ended in Oct 2008 reports growth in all areas of the business.
Despite the worldwide recession sales of Reflex applications have continued to increase year-on-year. Previous record turnover in 2007 has increased by almost 50% in 2008, while administration costs have risen by only 20% in what is a low-cost business already.
Planned development investments made in previous years and changes in the cost structure have had the expected outcome of reducing cost of sales by 25%. As a consequence of the improved sales and reduced costs, the company’s profit before tax is 75% of turnover showing a 3,000% improvement on the previous best in 2007.
The business is re-investing its earnings by undertaking further enhancements to its technical service and application offerings in 2009. A new hosting environment planned in Dec 2008 went live as scheduled in May 2009 and new application features will be released in upgrades to the Reflex applications in the autumn and into 2010.