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Acces Intelligence profits soar, but co warns of tightening public purse

Published: 08:58 19 Jul 2010 BST

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Acccess Intelligence, the computer software firm chaired by former Sage boss Michael Jackson, revealed a bumper 180 per cent jump in first half profits, but warned of a "tightening of the public sector purse" ahead of some fairly savage austerity measures.

"Despite this we remain cautiously optimistic that our strategy to focus on the cost saving opportunities offered by our software and the low-cost entry that hosted solutions provide will both contribute to future growth and will, to some extent, shield the group from spending cuts," Jackson said.

Pre-tax profits for the six months to May 31 were £470,000, up from £169,000 as the group weighed in with a 64 per cent hike in revenues, which climbed to £4.1 million.

!The first half  results were in line with forecast with good performance at the top and bottom line and greater than 100 per cent cash conversion," said David Johnson, the technology analyst at Astaire Securities.

"Although some softness in its public sector-oriented businesses looks inevitable, AI’s products offer cost savings and a low entry cost. With Cobent, the business is also more broadly based. Profit forecasts remain unchanged," Johnson added.

The company specialises is compliance software and Jackson and his team are building a business via acquisitions. Its latest purchase, a company called Cobent, delivers compliance training programmes.

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