Source - SMW
Electronic Data Processing's turnover for the year to 30 September was £4.96 million compared with £5.16 million the previous year.  

This resulted from a quiet end to the financial year as decisions on a discrete number of sales opportunities were delayed by customers. 

Adjusted operating profit was £430,000, compared with £459,000 last year. The reduction in turnover was largely offset by improved margins and lower overheads.

Statutory pre-tax profit for the year was £244,000 (2015: £347,000) after charges of £114,000 in relation to property matters which are referred to below.

Contracted recurring revenues, which comprise income from annual software licence fees and hosting subscription charges, amounted to 82% of total revenue compared with 79% in the previous year.

Revenues generated through the hosting centre also increased to 59% of total revenues, up from 51%.

R&D expenditure for the year was £982,000 (2015: £1,067,000) as we continued to enhance our key products, Quantum VS and Vecta.

Chairman Sir Michael Hellersaid: "With a robust, cash generative business model and a strong debt-free balance sheet I remain confident about the future."