Ribbons
Year On Year

Revenue

  • 2010: £56.3m
  • 2009: £53.3m

Adjusted Operating Profit

  • 2010: £8.8m
  • 2009: £7.9m

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Revenue 2010

  • License: £4.1m
  • Services: £15.4m
  • Hosting/SaaS: £20.5m
  • Maintenance: £14.4m
  • Other: £1.9m

Revenue 2009

  • License: £4.6m
  • Services: £15.5m
  • Hosting/SaaS: £16.9m
  • Maintenance: £14.4m
  • Other: £1.8m

Recurring Revenue 62%

  • Saas: 36%
  • Maintenance 26%

Financial Highlights

Financial Highlights

  Year Ended Year Ended Growth %
  31 March 31 March
  2010 2009  
       
Revenue £56.3m £53.3m
 6
Recurring revenue as % of total * 62% 59%  
Adjusted operating profit ** £8.8m £7.9m 11
Operating profit £2.6m £2.0m
 30
Adjusted operating profit margin ** 15.6% 14.9%
Operating profit margin 4.7% 3.7%  
Adjusted EBITDA *** £9.9m £9.1m 9
Adjusted EPS *** 10.9p 9.3p
 17
Adjusted diluted EPS *** 10.5p 9.1p
 15
EPS 4.1p 1.9p
 116
Full Year dividend 1.1p 1.0p 10

Operational Highlights

  • Solid performance in a very challenging year
  • 11% increase in adjusted operating profit and sixth consecutive year of adjusted operating profit growth
  • 11% growth in recurring revenue, now 62% of total revenue
  • “One Kewill” continues to deliver
  • Cross-selling
  • Global and Regional products defined 
  • Organisational alignment
  • New products launched such as Air Cargo Pool, EMCS and Kewill CustomsXchange
  • New contracts with Nokia, Steinweg, Havi Logistics, Lockheed Martin, Heinz and Heineken UK
  • Net cash of £17.0 million at 31st March 2010
  • Successful fund raising of £7.2 million November 2009
  • Increased full year dividend of 1.1p proposed
  • Acquisition of Minihouse in Benelux on 14 June 2010

(*) Defined as annually contracted revenue (maintenance and Software as a Service)
(**) Before amortisation of intangibles of £5.9 million (2008/09: £5.6 million) and share based payment charges of £0.3 million (2008/09 £0.4 million)
as set out in the consolidated income statement as the Directors regard this as providing additional useful information on trends in underlying performance.
(***) Adjusted to exclude amortisation of intangible assets and the notional interest and exchange differences on contingent consideration as set out in Note 6 to the financial statements. 

 
 
Group Performance

2010

Revenues
£56.3m
2009: £53.3m

Adjusted EBITDA
£9.9m
2009: 9.1m

Adjusted EPS
10.9p
2009: 9.3p

Chairman's Statement

Kewill’s performance was strong in the year to March 2010, despite the very challenging trading environment and extended sales cycles. The continued investment in our global product set and increased focus on sales and marketing has improved Kewill’s competitive position. Subsequently, the business has secured some significant contract wins with new and existing customers across the globe including Nokia, NYK Logistics, Steinweg, Lockheed Martin and Damco. In addition, Heinz became an important customer of Kewill CustomsXchange and demonstrates the value of our strategic offering for global customs filing. Many of these deals were won in direct competition with global ERP providers and act as proof points of the functional depth of our best-in-breed solutions and the domain skills of our people. Overall, the performance of the Group this year reflects its strong position at the forefront of the Global Trade and Logistics software and services market.

Richard Gawthorne

Acting Non-Executive Chairman

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