Apr 9 - Vero FY07 Revenue Up 15% to 12.7M Pounds

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Vero FY07 Revenue Up 15% to 12.7M Pounds

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WIXOM, MI, Apr 9, 2008 – Vero are pleased to present Vero Software’s financial results for the year ended 31st December 2007. The Company has produced strong growth in both revenues and profits while significantly improving its software development and subsidiary distribution capabilities

Group turnover increased by 15% to £12.7 million (2006: £11.0m), a result of organic growth and the effect of acquisitions made in both the current and previous year. The growth was achieved despite significant weakness in the US Dollar and the Japanese Yen exchange rates against Sterling which constrained our reported earnings. In constant currency terms sales growth would have been over 18%.

EBITDA (earnings before interest, tax, depreciation and amortization) increased by 40% to £1.9 million (2006: £1.3m), operating profit rose 30% to £1.3m (2006: £1.0m) and profit before tax rose 15% to £1.1 million (2006: £0.9m). Earnings per share increased by 19% to 1.79p (2006: 1.51p).

The acquisition of the distributor CAMTEK North America in June further cemented the relationship with the CAMTEK organization and gave additional sales and technical support weight to our growing North American operations. The acquisition immediately made a positive contribution to both the sales and profitability of Vero Software.

In addition to the positive results from North America, Europe was instrumental in providing growth with Germany, France and Italy all providing good revenue increases over 2006. European mould and die sector manufacturers continue to drive efficiency in order to compete with their Asian counterparts. This has led to a realization of the need for investment in specific new technologies and in which Vero Software is a recognized leader.

2007 was also a significant year for the growth in managerial and technically expert staff fuelling and supporting our expansion in China, Japan, France and North America. In addition the new marketing department started their ambitious role by re-branding the Company identity to a more inclusive and modern style that has become associated with Vero Software. These changes, implemented across all products, subsidiaries and dealerships have been widely applauded by end users, dealers and investors alike.

Financial and operating highlights:

Revenue increased by 15% to £12.7m (2006: £11.0m), representing record growth, [on a constant currency basis, turnover increased by 18% ]
EBITDA (earnings before interest, tax, depreciation and amortization) increased by 40% to £1.9m (2006: £1.3m)
Operating Profit rose 30% to £1.3 million (2006: £1.0m)
Pre-tax profit of £1.1 million (2006: £0.9 million)
Basic earnings per share of 1.79p (2006: 1.51p), an increase of 19%
Successful integration of previous acquisitions resulting in the worldwide introduction of two new product sectors covering plastic flow analysis and complex laser cutting.
A successful re-branding to the modernized Vero Software image which has brought significant additional recognition and acclaim

Stephen Palframan, Chairman, commented: “A record rise in revenue, a 40% increase in earnings that exceeded expectations and a 19% improvement in after tax performance make this an outstanding set of results for 2007. While it is true that 2007 provided some of our markets with good economic conditions the results are even more distinguished considering the distinctly unfavorable currency rates. With our highest ever levels of investments in new product development and our continued interest in qualified distribution companies Vero Software is confident of further growth in 2008.”

About Vero Software Plc

The company creates, owns and distributes software for aiding the design and manufacturing process in specific sectors of the industry. The specific sectors include the design and manufacture of plastic injection moulds, sheet metal stamping dies, progressive dies, shoe moulds, electrode production, and others. These widespread product types are in turn to be found in a multitude of manufacturing industry sectors such as automotive, electronic, medical, white goods and aerospace.

The original Vero Software company was formed in Italy in 1988 by four engineers, each with many years of computer aided design and manufacturing experience. The initial products were marketed under the VISI CAD and VISI CAM names to meet the increasing demands for advanced yet practical software solutions in the mechanical design and production environments.

The company firmly believes that step gains in productivity can be made by building as much knowledge of specific design and machining processes within its software as possible. This philosophy of productivity through specialization has led to new applications in the design of mould tools for plastic injection and progressive dies.

The company has offices in Italy, England, Japan, France, Canada, USA and China. Vero Software supplies products to more than 40 countries through its wholly owned subsidiaries, competence centers and International distribution channel.

For more information, visit http://www.vero-software.com.

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