LONDON, December 10 /PRNewswire/ --
- Eighth Straight Year of Growth Yields GBP1.1 Million Profit for UK Market Leader
- AIM Listing Mooted for 2009
BIW Technologies, one of the world's leading providers of online construction project control software, increased its turnover by 27% per cent to GBP7.3 million in the year to 30 September 2008, with profits more than doubling to GBP1.1 million.
The value of unrecognised revenues in the order book is up to GBP12.77 million at September 2008, from GBP8.43 million at September 2006. In line with BIW's software-as-a-service model (SaaS) - where subscribers typically pay annually for the software, but agree long-term deals - these are contracted revenues that apply to future years, which give visibility and resilience to the company's forward revenues and cashflows.
BIW's growth this year has included some notable high-profile contract wins. These included being selected to provide its SaaS system to support the design and construction of the headquarters of the Bill Melinda Gates Foundation in Seattle.
BIW also, earlier this year, signed a corporate agreement with Nakheel, Dubai's leading property developer, to deliver SaaS applications to manage and deliver Nakheel's development projects throughout the United Arab Emirates.
Nakheel's projects include the 1.4 billion square foot Waterfront development, the internationally renowned Palm Trilogy and The World.
Nakheel recently announced that it had selected BIW to deliver SaaS applications to support design and construction of the Nakheel Tower, which is set to be the world's tallest building. The Nakheel Tower, which will be over one kilometre high, is at the heart of a 10-year development: Nakheel Harbour Tower.
The most widely used system in the UK, Europe and Middle East, the BIW platform has been deployed on over 10,000 projects. To date, it has accumulated a user base of over 110,000 users.
BIW has offices in London, Dubai and India. Next year, depending on market conditions, BIW is considering an AIM listing to help fund its further expansion.
Colin Smith, CEO, BIW Technologies, comments:
This year has been our most successful to date in terms of revenue and profits. We operate in the SaaS sector, which is recognized as being relatively recession-proof, because there is much less up front investment required from clients, its low risk and there is a faster return on investment, therefore we should do well even in these difficult economic conditions.
Contact: Richard Evans +44(0)207-630-1411 +44(0)7920-055-023
Contact: Richard Evans, +44(0)207-630-1411, +44(0)7920-055-023
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