On 19 May, 6pm Holdings plc published its Interim Statement covering the period from the beginning of the year to date. The Group stated that following the successful rights issue in April, the new management team is now fully focused on delivering the strategic business plan prepared in December 2010. The Directors stated that during the first four months of the year the Group mainly focused on the execution of the rights issue as well as the restructuring of the management team which included the appointment of a new Chief Operating Offer, a Chief Technical Officer and a Chief Financial Officer. The Group explained that the above created inherent delays in 6pm’s operating results. As a result the Directors do not expect the half-year results to 30 June 2011 to be in line with expectations.
The Directors also stated that in May, 6pm UK finalised an agreement within the NHS sector which will further increase its product portfolio. This is in line with the transformation of the Group from a pure services company to a product-based business.
Moreover, the Group explained that the successful completion of the rights issue enabled 6pm to complete the acquisition of the Compunet Group. This IT Company provides complimentary IT infrastructure capability to the Group’s current software and services portfolio and will add significant revenues to the Group. The Directors explained that together with Softweb Limited (which was acquired in 2010), Compunet will expand 6pm’s customer base in Malta, thus providing even more upselling opportunities.
The Directors concluded by stating that the Group is cautiously optimistic for the forthcoming financial year and anticipates that the benefits of the efforts in the first two quarters of 2011 will start to become more evident during late 2011 and early 2012.