Workplace Systems: back in the black in H2

There’s good news and there’s bad news. First the bad: Workplace Systems won’t be meeting current year (to end March 2011) market forecasts “due to delayed finalisation of orders in the second half” (on the news, the share price has fallen 6.4% to 12.75p in early trading). The good news is that despite plunging into the red in H1, the AIM-listed provider of workforce management software has managed to return to profitability in H2. Though not for the full year, we assume. The company remains grateful of its strong balance sheet (cash balance of £2 million) as it continues its SaaS transition (see Workplace investing in SaaS for future success and Workplace warns on slower SaaS progress). It appears that customers in the Australia and the US are taking up its SaaS product at a faster pace than those in the UK and Europe.