(MENAFN- ProactiveInvestors - UK) Kalibrate Technologies (LON:KLBT), which provides pricing and planning software to the petrol industry, revealed the financial impact of its growth strategy as it posted a 20% rise underlying profits for the year to June.
The figure advanced to US$3mln and came on the back of 19% boost to revenues to US$28.8mln.
Interesting was the US$4mln increase in recurring turnover, which now stand at US$20mln and marks its push to become a software as a service provider. The order book stands at US$22mln.
Kalibtrate said its core territories of North America and Europe grew strongly, although it is also benefiting from the de-regulation of the petrol markets in emerging countries.
During the year it took its services for the first time to Malaysia, Mozambique, New Zealand, Brazil and the Philippines, and recently opened new offices in Bangkok and Melbourne.
A notable win was the contract from the US Department of Energy's National Renewable Energy Laboratory to identify the infrastructure for hydrogen fuelling stations.
The group was in a financially solid position with US$9.6mln in cash and net debt of US$500,000.
Chief executive Bob Stein told investors: "Our financial performance, with double-digit growth in both segments of our business, coupled with robust progress in delivering upon the strategy that we articulated when we joined the market, places us in a very good position to deliver future growth.
"We have grown in our core markets as well as new geographies as we continue to benefit from the ongoing trend of fuel price deregulation that is taking place with the global fuel retail market.
"The group has achieved considerable success with its managed services product, driven SaaS conversion and also recently launched the new Kalibrate Cloud as well as the Strategic Advisory Services division which will enhance our offering."
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