The 2009 half-year results of RS2 Software plc were published on Wednesday 19 August 2009.
During the first six months of the year, the Company’s turnover declined by 50% to €2.7 million over the same period last year mainly due to the timing and nature of the contracts achieved during the two periods, involving different accounting treatments. In the first half of 2008, the Group had concluded two license contracts whilst during the first half of 2009 the Group concluded two comprehensive package agreements with the first agreement effected in June 2009 whilst the second agreement becomes effective in October 2009. The Directors also explained that as anticipated the Group is experiencing a slow down in requests for services due to the current international economic conditions. RS2 generated a profit after tax of €0.2 million representing a decrease of 91% over the first half of 2008 due to the reduction of license and service fees recognized during this period. However, the Group explained that the reduction in license fees is in line with the Company’s strategy of engaging new clients on a comprehensive package basis which instead of providing substantial license fees and corresponding revenue recognition in the first year, smoothens the revenue stream over a longer term. The Directors did not declare a payment of an interim dividend.
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