The latest annual report from the London-based SaaS construction collaboration vendor Asite shows revenues grew almost 10% in the year to 30 June 2012, while the company remained profitable for a third consecutive year. Its latest report and accounts (PDF), plus a blog post from CEO Tony Ryan, say revenue increased by 9.6% to £3.193m (2011: £2.914m).
Operating profit for the period fell marginally (0.5%) to £0.420m (2011: £0.422m).
In March 2012, I reported Asite’s 44% increase in revenues in the year to 30 June 2011 and its second year of profits, so the latest results show growth faltering slightly, though Ryan partly attributes this to investment in the platform, expansion into new markets and a move into “shiny new and much larger offices in Ahmedabad” (“Whilst this put a dent in the coffers, it is an investment well spent for future revenue expansion,” he said). The majority of Asite’s total of 90 staff (up from 71 in 2011) are based in India.
While the company is best known for its collaboration platform (renamed after the year-end; post), it also provides some e-procurement solutions (which in 2011 were apparently accounting for about a fifth of revenues), but the report doesn’t expand on the proportions attributed to its different products, apart from saying:
“We are now working in areas such as multi-media distribution and financial services, proving that our platform is now truly ready to grow within all sectors/markets on a global basis.”
Revenues from these global markets are still dominated by income from the UK, which accounted for 88% of revenue. From a low base in each case, Asite also saw growth in north America (Asite opens US office) and the Middle East, while its largest non-UK market was Australasia, accounting for £168k of revenues, and which has also been attracting growing interest from other UK-based vendors such as 4Projects (post).