Thursday 26th June 2014

Accumuli plc (AIM: ACM), the independent specialist in IT Security and Risk Management, is pleased to announce preliminary results for the year ended 31st March 2014.

Highlights for the year:

Financial
• Revenue up 18% to £16.6m (2013: £14.1m)
• Gross profit up 32% to £9.9m (2013: £7.5m) with gross profit margin of 60% (2013: 53%)
• Gross profit generated from recurring revenues¹ 61% (2013: 51%)
• Trading group EBITDA² up 29% to £3.6m (2013: £2.8m)
• Group EBITDA³ up 32% to £2.9m (2013: £2.2m)
• Group net profit⁴ 17% (2013: 15%)
• Cash generated from operations⁵ up 50% to £3.6m (2013: £2.4m)
• Cash at bank at 31 March 2014 £3.6m (2013: £7.2m)
• Final dividend proposed 0.46 pence per share (2013: 0.4 pence) an increase of 15%

Operational
• Successful acquisition and integration of Signify Solutions Limited and Eqalis Limited, adding to the customer base and broadening the Group's solution set
• Customer base now stands at over 700 (around 300 at same time last year), 85% of customers currently taking only one product from the portfolio
• Re-organisation of enlarged Group completed in October 2013 to ensure right platform in place for future organic and acquisitive growth
• Settlement of EdgeSeven earnout and integration of its management team into senior roles within the Company
• Receipt of US $1m previously held in escrow from sale of Webscreen to Juniper
• Over 80 people in three offices - 60% of whom are employed in a technical capacity

Nick Kingsbury, Chairman of Accumuli, commented: "I am pleased to report on what has been another period of growth and transformation for the business. During the year, we have successfully completed and integrated two acquisitions, re-organised the business to ensure the necessary platform for future growth, and enhanced the financial strength and visibility of the business, evidenced by 61% of gross profit now generated from recurring revenues.

"We believe that our continued focus on delivering a wider range of solutions across our growing customer base, combined with targeted acquisitions, leaves us well placed for further growth. With a robust business model, a rapidly growing market opportunity and a healthy pipeline, the Board looks forward to another successful year ahead."

¹ Revenues derived from managed services, software support and maintenance contracts where the Group has an obligation to provide an ongoing service over a contractual period
² Earnings from continuing operations before interest, tax, depreciation, share-based payments, separately identifiable costs and income (acquisition/ disposal costs, re-organisation costs and once off costs/ income) and plc costs
³ Earnings from continuing operations before interest, tax, depreciation, share-based payments and separately identifiable costs and income (acquisition/ disposal costs, re-organisation costs and once off costs/ income)
⁴ Group EBITDA divided by Revenue
⁵ Net cash generated from operating activities from continuing operations before separately identifiable costs and income (acquisition/ disposal costs, re-organisation costs and once off costs/ income) and plc costs

For more information on our preliminary results for the year ended 31st March 2014 please click here.

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