Recommendations » UK
SQS (LON:SQS) report: FY09 PBT (adj.) -46%YoY
By Daniel Stewart & Co
- Software validation specialist SQS [NR] reported FY09 revenues of ?134.3m -6%YoY and adjusted PBT of ?7.0m -46%YoY (reported ?4.9m - 55%YoY). Net cash stood at ?1.6m. Net operating FCF was was -?1.2m (FY08 ?3.2m).
- CEO Rudolph van Megen noted; we are pleased to report improvements across all of our core markets during the second half of the year, leading to improved utilisation rates and gross margins following a 1H collapse in profitability resulting from frozen orders and projects.
- Reflecting relative improvement, days billed per consultant improved from a low of 175 in 1H to 181 in 2H (annualised), with gross margin improvement as a result from 29.4% to 33.9%.
- SQS expects some recovery but pressure on gross margins to persist.
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