Legal Technology Journal

Tikit Group plc, a leading provider of consultancy, services and software solutions to major UK and European law firms and accountancy practices, today reports record preliminary results for the year ended 31 December 2008.

• Group Revenues up 8% to £28.5 million (2007: £26.4 million)

1. Recurring managed services and support revenues up 30% to £12.5 million (2007: £9.6 million)
2. Consultancy up 1% to £8.0 million (2007: £7.9 million) 
3. Total software sales down 15% at £6.9 million (2007: £8.1 million) 
4. Tikit-developed software sales up 100% to £1.6 million (2007: £0.8 million)

• Operating profit before share-based charges and amortisation up 16% to £4.2 million (2007: £3.6 million)
• Proposed final dividend of 4.1 pence per share resulting in a full year dividend up 20% to 6.0 pence per share (2007: 5.0 pence)
• Cash generated from operations was £5.7 million (2007: £2.1 million)

Commenting on the results, David Lumsden, Managing Director of Tikit, said;

“This is an excellent overall performance given the difficult trading conditions during the year and I am pleased to report that the Group has achieved this through a combination of innovative products and highly talented staff.

Good progress has been made in many areas of our business and we continue to seek out opportunities to expand our range of services. I am delighted that the TfB acquisition made in April 2008 has contributed positively to these results. We entered 2009 with a good order book and despite the tougher economic conditions, believe that Tikit can strengthen its position in its market sector.”