E-commerce drives profits boom at ECsoft
Saturday 06 February 1999
Full-year profits more than doubled to pounds 8.1m and the workforce has mushroomed from 101 in 1997 to almost 800. The company said: "In the course of the year we experienced an increasing trend towards electronic commerce, with Internet access becoming prerequisite for many customer projects."
The profit growth contrasts the experience of many "go-go" Net commerce stocks, such as Amazon.com, which are enjoying huge sales booms but have yet to earn a penny in profit.
ECsoft specialises in the provision of computer solutions to businesses. These include e-commerce solutions and Internet access.
Recent contracts have included an Internet banking system for a Scandinavian bank, and a new Internet booking systems for a cruise liner which allows the operator to by-pass travel agents. Clients include BT, Esso and Unisys.
Another productive area for the company has been the provision of data warehousing systems enabling retailers to analyse buying patterns of customers who have loyalty cards.
To help support its growth, ECsoft has recruited the e-commerce team from Digital, the computer group.
The bumper profits pushed ECsoft shares up by 52.5p to a new high of 2,192.5p, valuing the company at pounds 250m. The company is expected to acquire other software businesses in France and the Benelux region as well as smaller firms in the UK and Scandinavia.
ECsoft said it had not focused too strongly on Year 2000 compliance work, which it says currently accounts for about 10 per cent of its total sales. Group sales rose by 41 per cent to reach pounds 62.2m.
- 1 Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
- 2 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 Nick Kyrgios calls former Olympian Dawn Fraser a 'blatant racist' after she tells Wimbledon star to 'go back where their parents came from'
- 4 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
Greece debt crisis: Angela Merkel and Francois Hollande issue Athens with 24-hour ultimatum to avoid crashing out of the euro
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...