|
BIW FINANCIAL REPORTS HIGHLIGHT NEW DEBT-FREE STABILITY 13 January 2010 The UK’s leading provider of Software-as-a-Service construction project control applications, BIW Technologies Ltd, is now trading free of any debt and has no requirement to make any future payments to its shareholders or funders. Despite revenues falling due to the impact of the construction downturn, particularly in Dubai, BIW is still cash positive and has been trading profitability again since May 2009. BIW chief executive Colin Smith says BIW is now better positioned than any of its competitors to exploit the end of the recession: "In terms of turnover BIW remains the UK’s leading SaaS technology provider serving the construction and property sectors, and following our recapitalisation last September we are not only debt free, but also without a share structure that requires us to pay any preference dividends or suchlike. We are cash-positive, and having returned to profitability, all future trading profits are available to be reinvested in the business."
According to its latest audited accounts filed at Companies House, BIW turnover in the year to 30 September 2009 was £5.93m, down from £7.3m the previous year. Before exceptional restructuring expenses, BIW made an operating loss of £112,000 (down from a £0.93m profit in 2008) but the business returned to profitability from around the middle of the year. The balance sheet is strong with net assets of £2.25m and a healthy cash balance of £938,000 supplemented by an un-used overdraft facility of £425,000. The BIW order book stood at £9.4m - representing future SaaS subscription fees that will arise from client projects being managed using BIW’s system. Economic impact BIW was not immune to the impacts of the global financial crisis, Smith admits: "Trading conditions over the last year have been challenging. As a result of the economic downturn and the subsequent withdrawal of funding, some large development projects stalled, or in some cases were cancelled, resulting in a 19% reduction in revenues. Our Middle-Eastern operation suffered more acutely, but we have agreed terms for all outstanding monies due from our Dubai-based clients, have now collected those monies and have no overdue debts in the region.”
He says the company remains committed to prudent expansion into overseas markets. "In the Middle East, we have re-focused our efforts into Abu Dhabi, where we have already secured some important new clients, including Mubadala. And we are confident that our new relationship with Sage CRE in North America will yield significant revenues going forward.”
- ENDS - For further information please contact: Notes to Editors BIW Technologies: - Project collaboration services from BIW Technologies (www.biwtech.com) were first employed in 1999 on UK construction projects for major retailer Sainsbury’s. BIW believes it is the European leader in Software-as-a-Service (SaaS) collaboration systems for the construction and property industry, measured by numbers of users, usage and volume of data.
- The BIW platform is a sophisticated SaaS-based supply chain integration technology, designed specifically for construction projects or programmes. Each client is provided with a unique, project or programme-specific website created around a knowledge database. With this, data can be made available securely to every team member – from the earliest concepts, through detailed design, buildability studies, pre-fabrication, construction, maintenance, operation and improvement to the eventual demolition or dismantling of the facility.
- BIW customers include leading UK companies such as Bovis Lend Lease, Sainsbury’s, Mace, Crest Nicholson, Canary Wharf, The Resort Group, The Wellcome Trust and the Coal Authority. In North America, its projects include the new Seattle headquarters for the Bill and Melinda Gates Foundation.
- BIW is a registered trademark of BIW Technologies Ltd.
|
