It’s taken a while, around nine years in fact, but UK construction collaboration technology vendor Asite has finally reached profitability.
According to unaudited figures in a trading statement released on its website today, the London-based company had gross revenues of £2.079m in 2009 (up 10% from £1.89m in 2008), and partly by driving down operating costs 21%, the company delivered a £0.256m profit in the year to 31 December 2009, compared to a loss of £0.233m the previous year. Asite CEO Tony Ryan said:
“2009 saw the Group hit profitability despite the testing market. We grew revenues again by double-digit figures for the year – bringing it to twelve consecutive quarters of continued and sustainable growth….”
The 10% growth is down on the figures achieved in previous years (26% in 2007, 14% in 2008,) – perhaps reflecting the industry downturn in the first few months of the year experienced by Aconex (post) and BIW (post) among others.
On previous trends, I had been expecting Asite to achieve break-even in 2008, but the market downturn clearly delayed that milestone. It leaves the former BuildOnline UK business, now absorbed into Sword CTSpace, as the only one of the vendors I monitor yet to have achieved profitability.