LONDON (Alliance News) - Dillistone Group PLC Tuesday raised its total dividend and expressed confidence in its outlook, after it posted broadly flat pretax profit for 2013, as higher revenue was offset by higher administrative expenses.
The recruitment software company proposed a total dividend of 3.85 pence, up from 3.7 pence.
Dillistone posted a pretax profit of GBP1.5 million, flat from the previous year, as revenue rose to GBP8.1 million from GBP7.1 million but this was offset by higher administrative expenses.
Recurring revenues rose to GBP5.3 million from GBP4.5 million in the previous year.
The company expects its revenues in the first-half of 2014 to beat the previous year, however, pretax profit will be behind as it bolsters its management team and increases amortisation of its product development.
In its Dillistone Systems division the company said it had sold more new systems in the first quarter of 2014 compared to 2013, however, income from new system sales is falling behind as a larger portion of purchases are made on a cloud subscription model.
It expects to make positive progress overall for 2014, it said.
The company said its acquisition FCP Internet Ltd, which it acquired in July 2013, had been integrated successful. It contributes GBP55,000 to pretax profit and GBP472,000 in revenue for the year.
"These are another strong set of results with each of our divisions delivering both top line and bottom line growth, while integrating the FCP Internet business and continuing to invest in our future. We are also, once again, pleased to be increasing our dividend," said non-executive Chairman Mike Love in a statement.
Shares in Dillistone were trading down 3.1% at 110.00 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Dillistone (DSG)