PRELIMINARY UNAUDITED RESULTS FOR THE 2009-2010 FINANCIAL YEAR
Posted: Tuesday, April 27th, 2010 at 10:18 am
LAGAN TECHNOLOGIES LTD
PRELIMINARY UNAUDITED RESULTS FOR THE 2009-2010 FINANCIAL YEAR
BELFAST, 7.00AM BST, 26 APRIL, 2010 - Lagan Technologies Ltd, the global leader in Government to Citizen (G2C) technology, today announces preliminary unaudited results for the 2009-2010 financial year:
Financial highlights:
- Revenue up 13% to a record £17.1 million (US$26.4 million) (2008/09: £15.1 million (US$23.3 million))
- Income from new licenses and on-going support and maintenance up 34% year on year
- Fifth consecutive EBITDA profitable quarter
- Group consolidated EBITDA for the year £2.5m (US$3.9 million)
- Very strong fourth quarter – the strongest on record – with 9 major new customers signed, including: Sheffield City Council, UK; Cobb County, GA; City of Pasadena, CA; South Northamptonshire Council, UK, and multiple extensions to existing contracts
- Positive outlook for 2010/11 with strong (and strengthening) pipeline of new business opportunities
Operational highlights:
- A series of new business wins throughout the UK and North America
- Lagan innovations now enable governments worldwide to serve the needs of 60 million citizens
- Launch of Citizen Connect, a mobile application that enables citizens to register GPS-tagged requests with local government
- Launch of LaganOnDemand, a cloud-based CRM option, offering governments and authorities a low cost entry route to CRM
- Collaborative Open Source project with the City of San Francisco enabling citizens to connect with government via social media platforms including Twitter
- New business engagements include systems to support Adult Social Care, transport initiatives and housing.
Des Speed, CEO of Lagan Technologies, commented: “It has been an outstanding year for Lagan, with record sales and profits, a record number of new business wins in the UK and North America and a strong pipeline of innovation.”
“We strengthened our leadership position in our market and we broadened our business base to include several new substantial areas of local government service delivery where technology delivers several important benefits, including improving service and compliance. Lagan innovations now serve the needs of 60 million citizens worldwide.”
“This performance took place against the backdrop of a challenging period for the global economy when governments sought to achieve cost reductions whilst improving services. Our model of low-cost, fast-track implementation combined with our global knowledge base makes Lagan the logical technology partner for local, state and regional governments worldwide.”
“We continued to innovate, with the development of cloud-based applications, mobile phone applications and new enhancements to our 311 (non-emergency service) technology, which is now installed in several leading government organisations across the US and Canada. During the year we completed our largest 311 implementation to date for the City of Toronto. We were delighted to have our work in partnership with the City of San Francisco on an Open 311 standard cited as a strong example of Open Government by the White House CIO.”
“We will soon be bringing Citizen Connect, our mobile phone-based application that enables citizens to send GIS-tagged reports to local government, to the UK after a very positive reaction to its launch in the City of Boston.”
“Looking ahead, we are confident that our market will continue to grow and we anticipate strong business growth as local governments worldwide focus on the delivery of better services at lower cost. Our Omnibus polling confirms to us that there is a healthy appetite amongst citizens across the age and demographic spectrum for technologies that enable them to access public services in a more efficient manner. Market conditions and citizen demand play to our strengths. In the year ahead, we will continue to innovate and we will investigate opportunities to enter new territories.”
