October 26th 2010

Hitec Laboratories, the specialist Risk & Compliance, and Electronic Document Management & Delivery solutions developer have announced an 18% Licence sales increase for the year ended June 30th 2010.

“Despite a very challenging economic backdrop, all key indicators in the business improved” commented Hitec CEO Jeremy Crame. “Whilst Licence sales advanced by 18%, revenues recognised during the period grew to £5.2m as some Customers opted for subscription model pricing, thereby spreading the cost over a longer period. Several implementations were also not completed by the year-end and therefore those revenues have fallen into the 2010/11 year”.

“2009/10 was an extremely busy twelve months for us. Not only did we achieve our core objectives, but we also successfully completed the acquisition and subsequent integration of the trade and assets of PolicyMatter, positioning Hitec as the market leader in the Policy Management sector. During the year, we also embarked on an aggressive accelerated product development investment strategy, to ensure that we are well positioned to deliver the new generation of Electronic Document & Content Management solutions that the market will require once the economy recovers”.

“The outlook for 2010/11 continues to be challenging given the uncertain economic climate” Crame continued. “However, with our continued strategy of working in partnership with our Customers to develop and implement solutions that provide them with increased productivity, reduced risk and reduced costs, I am confident that this will be another positive year”.

For More information, please contact Hitec on 01628 600900