Delcam H109 Revenue Down 4.7% to 16.1M Pounds
 BIRMINGHAM,
UK, Sep 2, 2009 - CADCAM developer Delcam has maintained its
industry-leading levels of research and development expenditure during the
first half of 2009 despite feeling the effects of the global economic
downturn. The company invested over £4.7 million in R&D during the period, a
small increase from the £4.5 million invested in the first half of 2008.
This strategy is in marked contrast with some other suppliers in the CAM
market, which have cut their investment in development as their sales have
fallen.
Delcam also continued to invest in other
areas of its business, including the opening of
a new Asian office based in Singapore for its
Professional Services Group and the addition of
a large five-axis machine tool in its Tooling
Services Division.
Sales during the opening six months of £16.1 million were less than 5%
down from the £16.9 million achieved in the equivalent period last year.
This reflected the very challenging market conditions, which saw the
company’s manufacturing customer base deferring its expenditure on software.
Within this total, recurring maintenance revenues, derived from software
maintenance and support contracts, increased by 13% to £5.8 million compared
with £5.1 million in the first half of 2008. This increase shows the value
that Delcam customers put in the regular upgrades to the company’s software
and the high quality of the technical support provided.
Despite the fall in sales and its continued high levels of R&D
expenditure, Delcam remained profitable. Pre-tax tax profit for the first
six months of 2009 was £0.3 million, against £1.4 million in the first half
of 2008. Net cash at the end of the period was a very healthy £5.8 million.
This financial strength will leaves Delcam well placed to take full
advantage of any improvement in market conditions.
 Commenting
on the results, Delcam Chairman Peter Miles, said, “Reflecting the global
financial and economic crisis, the trading environment in 2009 has been
challenging and the impact of the downturn in the manufacturing sector has
been even harder than we initially anticipated at the end of last year. With
many companies postponing their investments in capital equipment, it is to
be expected that the associated software sales should also be delayed.”
“However, as we stated in our 2008 annual report, given Delcam’s strong
financial position and high level of recurring income, we believe that the
business is well placed to see out the near-term challenges. In particular,
we are continuing to invest significantly in product development and
marketing. This provides us with an increasing commercial advantage and will
help to support our ambitions to build our market share during the
downturn.”
A copy of the complete Chairman’s statement can be found
here.
For more information, visit
www.delcam.com.
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