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Preliminary Half Year Results
Released 25 January 2001

Prophecy International advises that the half year revenue for 2000/2001 is expected to be ahead of last year by approximately 50% but will fall below internal forecasts with a resultant modest loss for the period. Half year expenditure is expected to be below that of last year reflecting good financial controls. The company's cash position remains very healthy with over A$11million cash on the balance sheet at the half year. Full results are expected to be announced at the end of February. Prophecy's core focus is its e-Foundation solution which is able to show dramatic savings in major software development projects. Very significant sales opportunities are in progress, but with the lead times involved the conclusion on a number of these deals has fallen outside the first half of the year. With a smaller number of large dollar value sales our business has traditionally seen lumpy results in a particular accounting period as reflected in the first half.

The second half of last year produced a record revenue result. The value of sales opportunities currently in progress is more than double that for the same time last year. In addition to these sales opportunities, a total of approximately A$5million in further revenue has already been committed by customers but was not able to be recognised in the first half revenue and will be taken up as revenue during the course of the second half of the 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 provide additional coverage for the West Coast and the North East regions. In addition a new senior manager is being recruited to manage all Northern hemisphere sales activity so that the company can fully capitalize on the expanded level of prospect activity in the region. With plans to continue to cultivate growth both through direct sales and new partnerships, Prophecy is investing in new marketing activities which will raise the profile of the company and its unique e-Foundation offering, in all regions serviced by the company.

 

 

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