SOE beats prospectus

For the year ended March SOE has recorded a loss of $697,000 compared with a forecast prospectus deficit of $845,000.

Sales were also better than expected, reaching $9.41 million compared to a forecast $8.65 million.

SOE chairman, Jim Syme, says the past year has produced some very significant achievements for the company, with strong organic growth of its software systems.

He says the company is now the market leader in the UK with over 1400 installations and accelerating growth.

"The market leadership in NZ and UK and further successes indicate that there are very good growth opportunities in future."

The past year has also seen the company win its first institutional sales contracts in the United States and Singapore.

In its prospectus the company had forecasted a $2.4 million profit for the financial 2002 year on sales of $14.59 million, rising to $4.6 million the following year on sales of $17.66 million.

SOE shares have had a considerable run in recent weeks hitting $1.60 at the end of last week, around double their low of 80 cents in April. However the shares have come back in trading Tuesday morning, down 18 cents at $1.42.

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