H1 profit of Northgate Information Solutions up 38% |
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Published
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Mon, 11 Dec 2006 12:00
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LONDON: Software and services company Northgate Information Solutions Plc. said its first half profit has gone up 38 per cent compared with the corresponding period last year.
The company's profit stood at 13.9 million pounds in the six months ended October 2006 compared to 10 million pounds in the year-ago period. Its revenue reached 165.1 million pounds from 162.6 million pounds.
Chief executive Chris Stone said in a statement the company's public services division had a quieter half year due to structural changes in the principal markets that it serves. There are negotiations on a number of significant contracts in this area, about which the company is confident for the full year.
The company also said its HR division had its order book up by 19 per cent to 125.7 million pounds compared to last year.
Northgate offers outsourced IT, human resources, pensions and payroll services and develops response systems for emergency services. It had unsolicited approaches from some private equity firms in the recent past but the talks had failed over price.
The company is paying its first interim dividend of 0.24 pence a share. Its shares had closed at 82.75 pence Friday valuing the business at 443 million pounds.
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Terra Firma is bidding for Northgate 