Recruitment software supplier Dillistone Group ended the year well with headline yoy growth of 28% although when the effect of its first acquisition (Voyager) is stripped out, organic growth was a more modest but still laudable 12%. This suggests the company is performing at market rates. Staffing, HR, and payroll software and services provider Bond International reported similar levels of headline and organic growth earlier this month (see Bond International: moving towards recovery).
Total revenues came in at £5.5m (vs £4.3m), with profit before tax and exceptional items up 19% to £1.4m (vs £1.18m). Recurring revenues also rose 28% to £3.2m (vs £2.5m). It is securing larger contracts.
Growth was strong in the UK, Middle East and Africa (Voyager helped the UK grow) but US revenues fell due to the cost of implementing a particular contract in the region even though the number of orders from the region increased yoy. The cost of sales rose over the year by a startling 136%, albeit only to £0.4m, with £0.098m due to costs associated with Voyager Software and the rest primarily related to development costs. This is is an area Dillistone needs to keep tabs on - with its level of revenues there is not much room to move.