2009 Year End Results

2009 Year End Results

Despite the economic down-turn, Coroni Technology continues year-on-year growth, posting its best ever figures.

Interim results from the financial year ending Oct 2009 indicate Coroni is well-positioned to continue its impressive performance into the next decade. Once again, the record turnover of previous years shows further improvement resulting in a double digit increase in profit.

Licence software arrangements provide stable income streams, sheltering the business from many of the effects of recession, and means profit before tax is a large proportion of turnover.

The business introduced a promised all-employee pension scheme at the start of the last financial year. Consequent employer contributions pushed administration expenses up substantially, although when pension costs are excluded from the figures, overall costs fell – largely due to more economies of scale.

The majority of new sales were won late in the year and many were implemented after the year end. Licence income from these clients is not included in the 2009 results, but has established the first quarter of 2010 as another record breaker.

Headline figures:

Number of clients increased by 90%
Software licences increased by 150%
Turnover rose by 15%
Gross Profit rose by 13%
Gross Profit is 85% of turnover
Profit before Tax is 69% of turnover