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Let me now report on the results for the six months ended on 31 December 2007, outline the few key areas of progress and describe why I see significant opportunities and potential ahead.
The half-year was a challenging period for the Company. Whilst the Company remains profitable and cash generative, revenue and profits were both lower than in the same period last year. In part, this was due to the worsening economic climate but we believe that with greater effectiveness in sales execution, and with a clear focus on executing the strategic vision, we will be able to return the Company to growth in the next full financial year.
There have already been important developments in the business over the last six months which will help deliver this growth. The Board of the Company has been strengthened with, in addition to my own appointment, another new appointment since the financial year end. We welcomed David Smyth to the Board as Group Finance Director in December 2007. We expect to recruit an additional non-executive director in the next couple of months to head up our Audit Committee. The new members of the Board have already made strong contributions and complement well the existing management team. Together, they will provide a fresh impetus to take the Company forward.
The Company is part way through a restructuring process which has seen the sales force recently strengthened with the addition of new, senior-level resource. Further planned changes will complete the upgrade of the sales organisation over the next couple of months.
Crucially, the strategic vision of the Company has developed significantly over the last few months. The Company has identified how it will apply and build its core competencies into new channels and market areas which offer sustainable growth potential. This vision will, over time, transition the Company into an innovative market leader within its chosen boundaries.
The Business Plan supports my belief in a stronger, more exciting future for the Company and management have already begun to execute against it.
I have joined the Company at an exciting stage in its development and am very much looking forward to helping the executive team achieve its undoubted potential. I believe that the highly innovative product set, outstanding blue chip customer base, promising channel partnerships and talented employees represent a great combination of strategic assets for the Company.
Macro 4 has been an independent British software company for forty years now. We will build on our solid foundations as we move the Company forward for the benefit of our shareholders and our global customer base. We have many of the necessary building blocks to achieve this and I am optimistic about the future.
Thank you for your support.
Patrick Gallagher
Chairman
28 February 2008
Interim Results - Further Details |
