Advanced Computer Software Group has filed its full-year results to 28 February, revealing strong growth across the board driven by growth in NHS and managed services contracts.
Revenues at the group rose by 23% year-on-year to £120.9m, 9% on a like-for-like basis, with its Health and Care division the strongest performer, up by 13%, trailed by ACS 365, its managed services unit, which saw sales grow by 9%.
Adjusted EBITDA rose by 12% to £27m, while pre-tax profit came in at £9.2m, up 42% compared to the previous year. Advanced also improved its cash position, turning net debt of £1.1m in February 2012 into net cash of £30.9m.
During the course of the year the firm completed the acquisitions of Microsoft and Cisco reseller Fabric Technologies, Serco’s education unit and post year-end, Computer Software Holdings. It manoeuvered itself into the enviable position of supply software and services to approximately 85% of providers to the new NHS 111 service, and saw several key contract wins for ACS 365, which contributed to a steady rise in contracted sales.
Chief exec Vin Murria said the results were “driven by the continued rising demand for IT solutions and managed services, which enable a wide range of private and public organisations, including both the health and charity sectors, to achieve cost savings and optimise their performance”.
“The first quarter of the current year has started well, and having made great progress in the last financial year, we now have a very strong platform enabling us to further develop and rapidly grow the Group,” she added.
The firm also announced its first ever dividend – echoing security player Accumuli which yesterday revealed it too will be returning some cash to shareholders – in an indication of the still-growing strength of the managed services market