Eg Solutions sees 400% profit rise

Birmingham Post Business Award winner Eg solutions (EGS) revealed a a 400 per cent rise in profits and a 21 per cent jump in revenues and last year.

The Stafford-based firm, which supplies back office optimisation software, said revenues were £5.1 million, up from £4.2 million the year before.

Eg said profit before tax and costs relating to the XTAQ acquisition was up by 400 per cent to £0.5 million.

It bought Bristol-based XTAQ in March last year in a bid to expand its services and client base for a total package worth up to £233,333.

In a statement to the London Stock Exchange, the firm also made reference to its success in the Birmingham Post Business Awards, scooping the international trade and export title.

Non-executive chairman Rodney Baker-Bates said: “The momentum of last year has continued.

“We have a strong sales pipeline and expect to continue to win new contracts from existing and new customers, as well as benefiting during 2011/12 from contracts won last year.

“Current trading is positive, with contracted and recurring revenues accounting for 54 per cent of our expected revenues for the year (2010: 52 per cent).

“The board plans to build on this success and we are confident that the company will achieve further profitable growth in the coming year.”

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