Assima 2012 preliminary (un-audited) accounts

Press Release   •   Feb 25, 2013 15:55 GMT

Dec. 31, 2010
Dec. 31, 2011
Dec. 31, 2012
12/11 Var.
Consolidated Turnover
Pre-tax results

2012 Preliminary Accounts (un-audited)

In 2012, as in the previous two fiscal years, Assima has achieved turnover growth above 10%, reaching £22.5m (this represents close to €28 million, based on the Euro/GBP rate of 1.233 used for producing the consolidated accounts). For 2012 this translates into a satisfying 19% growth in turnover.

In reverse to what happened in 2011, this growth is solely coming from the software activity (licence and maintenance) which shows a strong increase of 43% year on year. Alongside this, the consultancy activity has been nearly flat, with just 3% of increased revenue. As a consequence the ratio Software Revenue versus Consultancy goes up again to close to 50/50, which we expect to transform into 60/40 in a near future.

The geographical analysis of our business for 2012 shows a diversified situation, with some countries displaying a significant decrease of revenue (Denmark, Spain), but globally more than offset by a satisfying level of growth on all our main markets (USA, Germany, United Kingdom). 

The consolidated EBITDA comes back to our best ratio reached in 2010 (17%) at £3.9m (in the region of €4.8m, with the Dec 31st conversion rate).

Assima’s cash position as of Dec 31st reaches €4.6m, displaying 6% of growth compared to the previous year, despite investments of more than €2.6m in 2012 (Final payment for Kaplan Learning Technologies’ assets; Share buy-back program; and Dividend). Currently Assima holds 124,650 Assima shares in treasury, representing 1.5% of the issued capital.

Perspectives for 2013 

The international economic background, although under less stress than last year, is still clouded by uncertainty regarding the speed of the recovery. However, we are optimistic on the level of activity that we can expect from our US operations but business in Europe is still challenging. Nevertheless we are resuming investment there through the opening of a new subsidiary in The Netherlands, from which we will be able to have a more effective coverage of the BeNeLux markets.

As for 2012, we expect the bulk of our new growth to come this year from our software publishing activity. In 2012 the recurring revenue generated by software has reached 23% of our total revenue (against 9% in 2007). In the beginning of 2013 we launched a new generation of software under the Vimago brand. Vimago is a cloud based architecture and brings all the functionalities that we have developed in separate products onto a single platform. We expect this new offer to contribute to the increase of recurring revenue with a new Software As A Service (SaaS) business model. That trend will take some time to have a big impact on our accounts, but it will improve the predictability of our profitability. For 2013 our priority will be to continue to increase our financial ratios, mainly EBITDA, that we want to grow by at least 20% year on year. 

Next communication: 2012 Audited Accounts: April 28, 2013. 

About Assima
Assima’s advanced systems cloning software and specialist professional services are used by large global organisations for training, localisation and real-time performance support (EPSS). With Assima technology, organisations have been increasing end-user understanding, confidence and competence in critical enterprise applications since 2002; delivering increased return on investment and reducing total cost of ownership. 

Assima’s award winning and patented technology is used by over 100 of the Global Fortune 500 companies and many other organisations including Aero Bombardier, Morgan Stanley, Xerox, Veolia, Schneider Electric, Chartis, SAB Miller, Serco, TNT. Assima’s solutions give these organisations the capability to create highly realistic and easily maintainable virtual clones of their enterprise applications. 

Assima has direct operations in 11 countries in Europe and North America and strategic partnerships extending its reach in the Middle East and Asia. To learn more please visit .

Follow Assima on Twitter @Assima_PLC for news, updates and alerts. Assima's innovative software and specialist professional services enable organisations to increase end-user understanding, confidence and competence in enterprise applications.

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