Staffware sales slide: pins recovery on new e-business software

Business process management company Staffware is reporting a first half EBITDA loss of £2.4 million, against a profit of £3.2 million for H1 2000, marked by an eight per cent decline in sales of software licenses.

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Staffware sales slide: pins recovery on new e-business software

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The figures take account of increased net investment in the company's eProcess suite which was up by £0.9 million to £2.1 million and product R&D which rose by £1.5 million to £4.1 million.

Banking and insurance accounts for 44% of Staffware's business. With IT spending in the doldrums, the company has initiated a cost reduction programme aimed at annual savings of £5 million.

The company is pinning its hopes for recovery on the launch next month of a set of integrated components which brings together its existing core workflow and eProcess technologies with CRM and Enterprise Application Integration (EAI). The new products represent a £10.5 million investment in R&D in the last 18 months, and more than 100 man-years of development. As part of the initiative, Staffware also plans to roll out a range of 'adaptable off-the-shelf' applications.

In a statement, the company says: "Whilst we remain cautious about the short-term until overall industry confidence improves, we expect heightened interest levels with the launch of the Staffware Process Suite."

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