MMT Computing Plc has had a better second half than first – the firm reported turnover and net profit up 13.6% and 13.4% respectively on last time. Interim turnover had been flat. The software house, which has a number of partly-owned subsidiaries, has posted a UKP7.1m turnover for the year ending August 31 while net […]
MMT Computing Plc has had a better second half than first – the firm reported turnover and net profit up 13.6% and 13.4% respectively on last time. Interim turnover had been flat. The software house, which has a number of partly-owned subsidiaries, has posted a UKP7.1m turnover for the year ending August 31 while net profits were UKP1m. Chairman Mike Tilbrook praised the South-East branch of the company which turned in record profits and unveiled plans to increase MMT’s stake in the firm from 51% to around 63% almost immediately, and is letting unused space at MMT Computing’s former central London premises to the growing company. Tilbrook also praised the AS/400 specialist software branch, MMT Computing AS Ltd, which did moderately better in the second half. The firm’s Reading branch, of which it owns 45%, performed disappointingly due to underemployment of full-time staff, which raises the spectre of redundancies, although not being a majority shareholder the group would have its hands tied here. The cash reserves now stand at UKP4.5m but returned under half the investment income that it received last year due to lower interest rates, and being completely UK-based with no foreign business, the company didn’t benefit from the devaluation of sterling. The company is recommending a final dividend of fourpence, up 14.3% on last year.
