OneClickHR, the AIM quoted HR software and solutions provider, is pleased to provide an update on current trading based upon the first six months of its financial year. The interim results for the 6 months ended 30th June 2009 will be released in September 2009.
The Directors are pleased the positive momentum of the Group has continued and as a consequence total revenues are expected to be ahead of the comparative period in 2008. The Group continues to be cash generative and remains debt free.
In June the Group released its new products HR.net Lite, HR.net Express and HR.net Professional which are aimed at smaller organisations with simpler HR software requirements for whom HR.net Enterprise is not a cost effective solution. These products are also being offered to our existing customers using legacy products who wish to take advantage of modern software
capabilities. This release was supported by a significant marketing campaign which included the distribution of 44,000 free copies of HR.net Lite with an easy upgrade to the „paid for‟ versions.
Our core solution, HR.net Enterprise remains very competitive in the market place. During the period further customer wins included a significant private equity firm, a major overseas telecoms operator, an award winning architects practice, a leading international charity and a housing association as well as businesses in the insurance, defence and retail sectors.
As previously announced, the Group‟s strategy of expansion into new territories has led to the appointment of its first sales partners in both Canada and the USA. Further partners are being sought and we expect to make significant progress towards full coverage in this territory during the year. These initial partners have already achieved their first sales of HR.net Enterprise and
the recent release of a full US version of HR.net Enterprise at the Society for Human Resource Management conference in New Orleans in late June was positively received.
The global analysts at Gartner have recently included HR.net Enterprise within their research universe and we believe this will reinforce our competitive positioning, especially in North America. We already have an increased sales pipeline from this territory and this will expand as the partner network grows. With a sales network in place we will also have the option of taking our SME level products to this continent.
Frank Beechinor, chief executive officer of OneClickHR, commented:
“Trading since our last update to the market has continued with the same momentum. We are particularly pleased with our most recent customer wins against major competitors in a range of markets. This underlines the continuing strength of our HR.net technology. We have also just released HR.net Enterprise v4 which ensures we maintain technical competitive advantage over
other vendors in the market.
The sales pipeline for HR.net Enterprise has continued to grow, despite the general economic conditions. The release of HR.net Lite, Express and Professional at the recent HRSS show in London will give us added momentum as well as increasing our addressable market. These products also allow us to migrate existing customers from our older technology. Combined, these
will help build total recurring revenue.
We have continued to make good progress in North America. The launch of our US localised product and the appointment of additional partners will help ensure that we have a strong sales pipeline from that market”.
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