Platinum Software has started on the path to recovery and appears to be on track to move back into profit next quarter, after over a year of being deeply in the red.
For its six-month period, ended 31 December 1996, revenues increased from $10.1 million in the year-ago period to $12.6 million, while losses dropped from $15.4 million to $2.6 million. Operating losses also decreased from $15.5 million to $3 million.
Mark Duffel, Platinum Software?s UK managing director, said: ?We?re on track and we?re happy with our performance because we?re where we want to be. We?re managing steady growth and if we continue growing at this rate, we?ll pull into profit next quarter.?
He added that much of the improvement had come from Europe, which currently accounts for 32 per cent of licence sales, but the accountancy software supplier had managed to reduce operating losses by increasing revenue per employee.
Another reason for its increase in turnover was an increase in new licence sales from its SQL applications business, which now accounts for 80 per cent of new licence sales compared to 40 per cent in the year-ago period. These applications were twice as expensive as the Platinum for Windows and Dos products, he said.
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