Civica announced strong preliminary results for the year to 30 September 2007, with almost 100 per cent growth in its housing and asset management revenues.
Simon Downing, chief executive, Civica, said, “Civica’s housing business forms a major part of the overall group and delivered a significant contribution to both revenues and profits in the year to 30 September 2007. During the year, and following the acquisitions of Comino in 2006 and VT Software Solutions in January 2007, the group’s revenues from its housing and asset management business grew by 99.7 per cent over the previous year to reach £16.5 million. The business contributed 13 per cent of the group’s overall revenues and contributed 18 per cent of the group’s overall gross profit, up from 10 per cent in the previous year.”
Civica gained 13 new customers in the social housing sector, including East Thames Housing, City Building (Glasgow), Wirral Partnership Homes and South Liverpool Housing Group.
Civica’s statutory results for the year were turnover of £126.9 million (2006: £125.0 million) and operating profits of £8.2 million (2006: operating profit of £1.1 million).