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Half Year Results
Released 3 February 2001

For the six-month period to December 2000, Prophecy International Holdings Limited reported an increase in sales revenues to $4.0m (up 65% on the comparative period). However the revenue recorded was below the company's internal targets, and the company suffered a modest loss after tax of $1.6m for the period.

The company has traditionally experienced a weaker first half compared to its second, and in the second half of last year the company produced a record revenue result. The company is well placed to earn significant revenue from its ongoing major contracts in the six months to June 2001. In addition the company has received a healthy level of interest from potential customers in its e-Foundation solution which it is anticipated will translate into revenue in the next six months.

The directors are therefore confident that Prophecy will return increased revenue for the full year, and deliver a profitable result.


FINANCIALS

For the six months ended 31 December 2000 Prophecy International Holdings Limited reported sales revenues of $4.0m (an increase of 65% on the comparative period), and an operating loss after tax of $1.6m (an improvement of 42%)

The directors have resolved that no interim dividend will be declared.

The company has been cash positive in the half year, and has cash balances in excess of $11m as at the end of December 2000. The company is therefore well placed to take advantage of the opportunities in front of it in the second half of the financial year.


RESEARCH & DEVELOPMENT

The company continues to develop a JAVA version of its software, and development to date has been very promising.

Prophecy has been engaged in a major new research and development initiative to produce a JAVA version of its unique Framework Rapid Application Assembly product. Significant progress has been made on this development with the result that the new product will have key additional functionality. This we believe will substantially expand the potential market for our product, paving the way for substantial revenue growth.


SALES AND MARKETING

As previously announced, the value of sales opportunities in progress at the half year was more than double that of the comparative period last year. Prospects in the North American marketplace are particularly healthy and as a result our direct sales resource in the territory is being expanded to cover the West Coast and the North East regions so that maximum benefit can be derived from the very large sales opportunities that are available in the Northern Hemisphere.

Our objective is to cultivate growth both through the continued expansion of our direct sales force and through the appointment of new partnerships. In this regard Prophecy is investing in new marketing activities to raise the profile of the company and trumpet the considerable benefits of its unique e-Foundation offering.

OUTLOOK

The Board is committed to expanding the sales and marketing activity, particularly in the Northern Hemisphere to fully realise the revenue potential of our products in both the short and long term. A significant commitment to research and development has been made in the production of our new JAVA Framework product that will take its place in our e-Foundation suite.

These investments are set to increase significantly the available market for our products, which we understand to be unique in their capabilities. The growth potential therefore is believed to be very large indeed.

The Board anticipates that, given sound trading conditions in the company's major markets and success in the company's current sales activities, expected growth over the previous full year's revenue will be achieved.

 

 

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