Portrait Software Year End Trading Update
• Revenue and profits expected to be ahead of market expectations
• Licence revenue increased 86% year on year
• Total revenue increased 10% to nearly £16 million
• Strong start to the new financial year, including a multi-million pound contract win
Portrait has enjoyed another successful half year of trading, delivering increased revenue, profits and net cash. Licence revenue in the second half continued to show good growth, increasing 29% sequentially, outstripping what was already a very strong first half revenue performance. The continued momentum in sales and marketing execution meant that full year licence revenue increased by over 86% year on year, with the number of licence deals closed more than doubling over the year.
Around two thirds of licence deals closed in the year related to extension and cross-sell deals with existing customers, demonstrating the strength of Portrait’s client relationships and products, and the effectiveness of its incremental sales approach.
Two of those extension deals were of great significance as they provide evidence that Portrait’s ‘online customer offer management’ strategy is taking effect. These two new wins at leading financial services institutions (one US and one UK) involve the deployment of Portrait Interaction Optimizer in the online customer channel, providing real-time offer management on the web, an area where the Company sees considerable potential.
Portrait is also pleased to report an excellent start to the current financial year with the award of a significant contract in the Asia-Pacific region to deliver a new multi-channel system for intelligent member relationship management. This new win builds on other recent successes in the region where Portrait is seeing growing demand for its products.
Luke McKeever, Chief Executive of Portrait Software, commented: “We are delighted to have exceeded the goals we set ourselves and to have delivered on our promises, while building an enthusiastic and loyal base of clients and partners to help us continue to grow in the future. As well as securing and delivering important extension and cross-sell deals within our client base, we have acquired some superb new clients, grown revenues and profits, and also increased future recurring revenue. We are continuing to extend our market reach through the signing of new partners in the Marketing Services Provider space, have successfully launched an exciting new product and have earned outstanding recognition in our key markets from industry analysts. Our project delivery
continues to surpass client expectations, our pipeline has been expanding rapidly, and we are enjoying significant momentum.”
Portrait will be announcing its full year financial results in June 2010.
About Portrait Software
Portrait Software enables organizations to engage with each of their customers as individuals, resulting in improved customer profitability, increased retention, reduced risk, and outstanding customer experiences. This is achieved through a suite of innovative, insight-driven applications which empower organizations to create enduring one-to-one relationships with their customers. The Portrait suite seamlessly integrates the world's most advanced customer analytics, powerful inbound and outbound campaign management, and best-in-class business process integration to drive real time customer interactions that communicate precisely the right message through the right channel, at the right time.
Our 300 + customers include industry-leading organizations in customer-intensive sectors. They include Merrill Lynch, Lloyds Banking Group, US Bank, Dell, Nationwide Building Society, T-Mobile, Telenor, Fingerhut, Bank of Ireland, Bank of Tokyo and Fiserv Bank Solutions.
For more information on Portrait Software, please visit: www.portraitsoftware.com
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