£2.5m profits in ‘outstanding year’ for Lagan Technologies
Software provider to local governments, Lagan Technologies has posted an increase in annual revenues and operating profits and given a positive outlook for the year ahead.
The Belfast-based company, which has around 200 public sector customers worldwide, saw revenues jump 13% to
£17.1m in the 2009/10 financial year and also registered operating profits of £2.5m compared with a loss in the prior year.
Income from new licences for its products was up 34% on the previous 12 months.
“It has been an outstanding year for Lagan, with record sales and profits, a record number of new business wins in the UK and North America and a strong pipeline of innovation,” said the firm’s chief executive Des Speed.
“This performance took place against |the backdrop of a challenging period for the global economy when governments sought to achieve cost reductions whilst improving services.
“Our model of low-cost, fast-track implementation combined with our global knowledge base makes Lagan the logical technology partner for local, state and regional governments worldwide.”
Lagan said its software products are now used by governments across the world to connect with an estimated 60 million citizens
After a very strong fourth quarter, where it signed nine major new customers including Sheffield City Council, City of Pasadena in California and North- amptonshire Council, Lagan said its pipeline of new business opportunities was also strengthening.
Mr Speed said: “Looking ahead, we are confident that our market will continue to grow and we anticipate strong business growth as local governments worldwide focus on the delivery |of better services at lower cost.
“Our Omnibus polling confirms to us that there is a healthy appetite amongst citizens across the age and demographic spectrum for technologies that enable them to access public services in a more efficient manner.
“Market conditions and citizen demand play to our strengths.
“In the year ahead, we will continue to innovate and we will investigate opportunities to enter new territories.”