Prophecy Home
Search Back to home

news & events

> press releases
> events
> newsletters
> register for events

Home > News and Events > Press Releases

CFO Magazine, Ann-Marie Moodie

Released June 2001

Sharks have been circling for bargains in the technology sector since the April 2000 tech wreck but business software company Prophecy International Holdings is unlikely to be a takeover target despite its recent successful overseas expansion.

"Our share price was going to be hit by the technology sector going backwards but there's less of a risk of us being a target of predatory companies because the majority of our shares are still held by our founders," CFO Paul Turner says.

The South Australian-based developer of tailored e-commerce and back-office software solutions, recorded $12.3 million in revenue in 1999-2000, with a share placement adding $12 million to working capital.

"The 1999-2000 fiscal year was a mixed game of two halves," Turner says.

"The first half was dominated by our customers' fears about Y2K issues, whereas in the second half of the year we recorded period profit and revenue. So far, this year, our results have not been as bouyant but revenue is up 60 per cent, and with our overseas expansion plans we expect a positive second half for 2000-2001."

As a software developer, Prophecy International values innovation as a cornerstone of its success and actively rewards employees for developing and implementing new ideas.

"We specifically address innovation in reviews of our employees' performance," says Turner. "The company has a profit sharing scheme in which a percentage of our profit goes into a pool and is distributed among staff, weighted against their performance reviews."

Individual ideas, eg, a report writing tool, which has now been incorporated into the company's new product lines, is a rewarded with prizes such as shopping vouchers."

Future plans include further expansion into overseas markets, especially the US. "We see our future as being export driven," Turner says.



More information...

Press Releases

View our Events


copyright:disclaimer secure areas