The latest interim results, covering the first six months of 2008, show that UK-based SaaS construction collaboration technology vendor Asite has continued the slow recovery it began last year (see Asite finally returns to growth). Gross revenues were up 29% to £1.067m (2007: £0.830m), and the company also inched closer to breaking-even with losses for the period reduced significantly to £0.048m (2007: £0.273m). Assuming this trend continues, Asite may finally declare a full-year profit at the year end – something I once thought was still another year away.
Much of the turnover growth was achieved in the UK market (up 30% to £0.935m from £0.717m) – a change from the last time I examined Asite’s figures, when the UAE market was boosting the company’s revenues – though it is probably too soon to see if recent uncertainty in the UK economy, and in the property sector in particular, will have had any impact.
Asite’s share price rose yesterday to 1.625p on news of the results, having twice hit an all-time low of 1.25p amid general Stock Market turmoil in the past week.