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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 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 e-Foundation offering."

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."


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