Aconex Services Limited – the UK-based business formerly known as Conject Limited, and before that BIW – had a profitable first year of operation as part of the international SaaS construction collaboration technology group Aconex (the Anglo-German Conject group was acquired by Aconex in March 2016).
In a financial report filed at Companies House in April 2018, the Woking, Surrey-based company reported revenues of £4.902m – or about US$6.45m or €5.59m – in the year to 30 June 2017. The figures are down on those reported for the last full year, to 31 December 2015 (post), when the company generated revenues of nearly £6.4m before altering its reporting cycles to align with Aconex group practices. The revenue drop is also to be expected as the business was operating in tandem with Aconex (UK) Limited, and starting the process of transitioning customers from the Conject system to Aconex applications. The report says:
“Across the company’s markets the organisation continued to grow its client base, and secured a number of new enterprise and programme engagements via its sister company, Aconex (UK) Ltd. Many of our existing clients extended their commitment to us by signing new enterprise agreements.”
The company’s headcount dropped from 61 to 47 (presumably due to post-acquisition rationalisation), resulting in lower operational expenses. However, the healthy EBITDA profit of £1.275m is largely due to inclusion in ‘other operating income’ of a £2.2m figure for “transfer pricing income” (I am not an accountant, but I think this relates to intra-group payments to Conject for provision of services to Aconex).