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Industry veteran EDP, the provider of software and services to the UK wholesale distribution market and sales intelligence software, has closed another year in which it lay on the right side of the growth and profit lines but there was little movement at the top line.
At £5.8m, revenue was essentially flat in the year to September 30 2013, although with 77% now recurring much of this is ‘safe’ revenue. Hosting revenues have continued to climb and are now 48% of total revenue (vs. 43%), again providing reassuring visibility. Adjusted operating profit was up from £820k to £835k, with PBT up 3.6% to £794k. Its balance sheet is debt free. The previous year was a better year than FY13 in terms of revenue growth (see here) but EDP is still enduring and there doesn’t seem to be anything specific that will change that.
