Software provider Sirius today declared end of year pre-tax profits of £0.39m compared to losses of £0.58m in 2003.
Company turnover for 2004 was £21.7m, 5.7% higher than the previous year's £20.5.
Net profits were declared as £0.24m, compared to losses of £0.67m in 2003.
Steve Verrall, Sirius' chairman and chief executive, said: “The results are all the more remarkable as during the year Sirius adopted its new business model and incurred the cost of its new head office.”
Recurring revenues increased as a proportion of group turnover to 35%. Sirius attributed this in part to the move towards annual charges and away from large upfront licences.
Verrall said: “This model will be more extensively applied going forward and it should be remembered that in the medium term revenue growth and therefore profitability will be lower than under our previous model.”
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