Tuesday 25th November 2014


Accumuli plc (AIM:ACM), the independent specialist in IT security and risk management, is pleased to announce its interim results for the six months ended 30 September 2014.

Highlights

•    Revenue up 34% at £10.3m (H1 2013: £7.7m)
•    Gross profit up 18% at £5.3m (H1 2013: £4.5m)
•    64% of gross profit from recurring revenue streams¹ (H1 2013: 62%)
•    Trading group EBITDA² up 36% at £1.9m (H1 2013: £1.4m)
•    Group EBITDA³ up 36% at £1.5m (H1 2013: £1.1m)
•    Cash of £3.6m at period end (30 September 2013: £3.6m)
•    Acquisition of ArmstrongAdams Limited, a leading information risk management specialist and reseller for Imperva and Skybox, for initial net cash consideration of £0.1m in June 2014 and contingent cash consideration payable of up to £1.5m dependent upon performance
•    Full time headcount now exceeds 100 employees (30 September 2013: 65)
•    "Customer Intimacy" strategy gaining traction with more than 20% of the group's customers now taking more than one service (H1 2013: 15%)
•    Continued development of the group's IP, resulting in the sale of our DDAM⁴ technology to the US and UK operations of a global professional services organisation
•    Strong pipeline going into the second half of the year with a number of significant contract wins post period end

1    Revenues derived from managed services, software support and maintenance contracts where the group has an obligation to provide an ongoing service over a contractual period.
2    Trading group EBITDA = earnings before interest, tax, depreciation and amortisation, share-based payments, separately identifiable costs and income (acquisition costs and one-off costs/income) and plc costs of £0.4m (H1 2013: £0.3m).
3    Group EBITDA = earnings before interest, tax, depreciation and amortisation, share‑based payments, separately identifiable costs and income (acquisition costs and one-off costs/income).
4    Accumuli's proprietary software providing DNS, DHCP activity monitoring, archiving, reporting and analysis.

Nick Kingsbury, Chairman of Accumuli, commented:

"We are very pleased with the growth and progress achieved in the period and trading in the first half of the year is comfortably in line with management expectations. The success of our Customer Intimacy programme initiated a year ago is generating results, with increased levels of cross-selling across the Group's customer base and a 10% growth in recurring revenues, providing the Group with enhanced financial visibility.

"There is strong momentum going in to our traditionally stronger second half and this, combined with a growing market, leaves the Board optimistic for a successful outcome for the year as a whole."


Read full Interim Results here.

Accumuli Security
Managing IT Risk | Leveraging IT Assets

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