Late last month I downloaded the latest annual report and audited accounts filed at Companies House by UK-based construction collaboration technology vendor Asite.
Regular readers may recall that Asite reported some unaudited figures in January (see Asite reaches profitability), covering the year to 31 December 2009. This latest Companies House filing, signed off on 16 April 2010, covers an 18-month period from 1 January 2008 through to 30 June 2009, following the company’s de-listing from AIM (post) in April 2009 and a subsequent change of financial year-end to 30 June.
In line with the positive progress suggested in January’s unaudited numbers, the published accounts show revenue growth of 27% in the 18 months to June 2009 compared to the previous 18 months (June 2006 to December 2007). Revenues were £2.949m, up from £2.318m, while operating losses were cut from £1.005m to £0.219m.
The bulk of Asite’s revenues (£2.526m or 86%) came from the UK market, with the UAE the next largest market (£294k or 10%) – this period, remember, includes the downturn in Dubai that impacted on other collaboration vendors like Aconex (post) and BIW (post) in early 2009 too. Average employee numbers over the period were given as 67, down from 74.
The business is still financially supported by majority shareholder Robert Tchenguiz through R20 Limited, which has provided a loan facility of up to £2.8m not repayable until 30 June 2011.