4Projects 2006 results

Keeping my records up-to-date, I checked on the financial results of UK construction collaboration technology vendor 4Projects for the year ending 31 March 2006 at Companies House. It seems I was a little over-optimistic about my April 2007 guess-timate for its performance….

Instead of reaching £2.7m turnover, it managed £2.291m, up 10% from its 2005 figure of £2.082m. Pre-tax profits were given as £124k, less than half the £266k achieved in 2005.

The turnover figure places it some distance behind BIW Technologies [my employer] which turned over £4.66m in the year up to 30 September 2006, and behind both the former BuildOnline (£2.793m; see CTSpace post) and Business Collaborator (£2.35m – post).

Of course, if 4Projects did indeed achieve a turnover of around £3.4m up to March 2007 (as then chairman Paul Callaghan claimed back in April) or even the £3.2m claimed in August, this amounts to significant growth: around 48% or 40%, depending on which figure you believe (both prior to 4Projects’ MBO in July, of course). But I guess we will have to wait until the March 2007 figures are lodged with Companies House to find out what the audited figures were.

Update (10 October 2007): In response to a comment from Frank Carron at Aconex, I should clarify that the graphic refers to turnover accounted for in the UK (the CTSpace figures are based on reports for BuildOnline (UK) Ltd – prior to the Citadon merger, BuildOnline (Holdings) had total international revenues of £4.2m – see May post). Aconex’s global revenues are, as previously stated, c. £4.875m, but to date only itself and, more recently, Asite have started to give a geographical breakdown of revenues (my CTSpace figures were gleaned from newspaper reports). If and when more of the vendors adopt a similar practice, I will present both global and UK-based figures.

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    • Frank Carron on 10 October 2007 at 8:11 am

    Hello Paul. I trust you are well.
    I wondered if the revenue figures for UK-based vendors that you published in yesterday’s post were consolidated worlwide numbers? It’s likely they were, in which case the global Aconex figure of GBP4.875m that you used last month is surely a more relevant one to use than the standalone UK figure. I think most people look to revenue figures as a way of inferring success, stability and longevity. On this basis, wouldn’t use of that figure (or at least its mention in the text) give a more accurate picture of the Aconex business – including our business in the UK?
    Incidentally, we expect 2007 revenue numbers to be lodged with ASIC next month.

  1. Thanks Frank – I will update the post slightly and add a note to emphasise that the graphic relates to UK-reported turnover (CTSpace’s figures, for example, relate to BuildOnline (UK) Ltd’s operations – which accounted for 66% of the group’s total revenues).
    Otherwise, at present, only Aconex and, latterly, Asite have begun to give a geographical breakdown of where their revenues originate. As more information of this kind becomes available, I will publish a global perspective in addition to my currently UK-focused one.

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