A healthcare software company is poised to carry out two further takeovers, after encouraging maiden results from its stock market listing.
Ascribe, based on Branker Street, Westhoughton, raised £5 million when it listed on the Alternative Investment Market (AIM) on December 17. The listing gave the company a total market value of £18 million.
At the announcement of its maiden results on Wednesday, the company said that it had enjoyed a successful debut on the branch of the Stock Exchange for smaller, fast-growing companies. On the basis of its first quarter results, Ascribe expected to post pre-tax profits of £312,000 on a turnover of £3.05 million after six months trading.
Commenting on the Interim Results, Stephen Critchlow, Chairman and Chief Executive of Ascribe, said: "I am extremely pleased with the progress of the group since flotation, although these results are exactly what we expected. The business has a good order book, a strong sales pipeline reinforced by an excellent record of winning public tenders, a healthy record of providing follow-on products to existing customers and a recurring maintenance contract income level running at 59 per cent of sales in the period."
More than 120 hospitals in the UK and 41 hospitals overseas now use Ascribe's software.
The company's acquisition of Cambridge-based Protechnic Exeter, a management solutions software company, was, said Mr Critchlow, "integrating well into the Ascribe business."
He also revealed that the company is looking at up to ten further acquisitions in the next few months, with two already "at an advanced stage."
"Our strategy of building a position in the medicines management market through organic growth and through a number of acquisitions of profitable companies, is taking shape."
"This all shows that if you are producing a product or service that you believe in and that people need, good business performance will inevitably follow."
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