Prophecy Cracks Revenue Record
Released 15 September 2000
Australian-based software multinational Prophecy International
recorded its most successful ever trading period during the first
six months of this year reported CEO Ed Reynolds to the company
third Annual General Meeting.
Mr Reynolds said booming demand for the company's e-Foundation software
had generated revenues of $10.3 million.
"The record second half result demonstrates the potential of
our solutions and is the pointer to the capabilities of our business
in this financial year," he said.
"Over the last 12 months we have actively recruited staff within
the areas of development, support, sales and marketing such that
our dedicated global team of 90 staff gives us the capacity to reach
our corporate objectives."
Mr Reynolds said a disappointing first half to the financial year
was due to buyers in corporate and government markets "sitting
on their hands" because of "Y2K fears".
"The slow first half however saw the overall result for the
year at $12.8 million in revenue and an after tax loss of $382,000,"
he said. "The result would have been a profit for the year
had the figures not included a provision for doubtful debts."
In addition to the record January to June 2000 turnover, Prophecy
recorded strong penetration into high profile sites including ANZ
Bank in Australia, the Colorado State Government and travel agency
group ByeByeNow.com in the US.
"The major benefits being derived by our clients are a saving
in time and money on the development of large business solutions
and the flexibility in being able to rapidly adjust those solutions
as the market demands over their life," he said.
"The ANZ deal is very significant in that it will earn considerable
revenues for the company over the life of the solution as well as
provide an excellent reference for the capabilities of our unique
Mr. Reynolds said Prophecy continued to focus sales activity on
partnerships globally to provide exponential growth potential through
the leverage of the sales and marketing operations of large partners.
"We see this as strategically very important," he said.
"On the back of recent large e-Foundation deals we are taking
the opportunity to expand our consulting revenues. New staff have
been added in recent months to grow our consulting team and the
scope for expansion of revenues in this area is large indeed."