The growth of the electronic commerce market and continuing demand for year 2000 consultancy work helped Ecsoft Group to record results for its fiscal fourth quarter.
For the year ended 31 December 1998 the UK based consultancy group said revenue rose from $80.3 million to $103.1 million, while income leapt 66 per cent to $9.0 million. Full year revenue and margins were boosted by its acquisition of Level-7. Earnings per share jumped 44 per cent, from 59 cents a share to 85 cents.
For the quarter, revenue increased 22 per cent to $28.3 million. Income for the period rose 76 per cent year on year, up to $3.2 million from $1.8 million.
?Over the course of 1998, we experienced an increasing trend towards electronic commerce with Internet access becoming a prerequisite for many of our major customer projects,? said Terje Laugerud, president and chief executive officer, in a statement.
To aid this growth, the company has hired a number of staff who had been working on Digital Equipment?s electronic commerce team, Laugerud said. The company had made a number of other senior management appointments, and has been listed on the London Stock Exchange since July.
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