SSP Holdings plc Interim Results
For six months ended 30 September 2007
SSP Holdings plc (SSP) a market-leading provider of business critical IT systems and services to the global insurance and financial services industries, announces interim results for the six months ended 30 September 2007.
Highlights
· Strong financial performance
- Revenues increased by 47% to £26.4m (H1 2006: £17.9m); organic growth of 12%
- Annualised revenue run-rate of c.£69m1
- Adjusted EBITA2 increased by 54% to £5.4m (H1 2006: £3.5m)
- High visibility revenues (as described in the Chairman’s Statement) up 35% to £19.7m (H1 2006: £14.6m), representing 75% of total revenues (H1 2006: 81%)
- Net cash from operating activities £3.0m (H1 2006: £3.2m)
- Adjusted earnings per share3 5.8p (H1 2006: as restated 5.7p)
- Profit before tax increased to £2.7m (H1 2006: £1.8m)
· Sirius integration ahead of plan with annualised synergy savings of approximately £2 million achieved; further synergies expected in the next financial year
· Strong growth across all four divisions
· Net debt at £38.4m, being £0.8m ahead of plan
David Rasche, Executive Chairman, commented:
"Following the acquisition of Sirius, SSP is positioned even more strongly in the UK and international markets. We are now clearly the leading provider in the UK market and one of the largest worldwide in specialist general insurance software. We are ideally placed to benefit from moves towards more flexible systems, straight through processing and internet-traded insurance, as well as the continuing consolidation of insurance businesses worldwide. Our carrier to consumer proposition and greater scale make us an increasingly strong contender, internationally, when insurers and corporate brokers look for new systems.
Transaction revenues and eBusiness projects continue to grow well in the UK and we continue to build stronger relationships with our corporate brokers and insurer customers
We are pleased to have maintained strong levels of organic growth in a period when we have also made very good progress in integrating the Sirius business. With strong performance in our four operating divisions and increased activity in all our markets, the Board has confidence that we will meet our expectations for the full year."
07/12/2007
