Software group Eg Solutions has swung back into profitability after an £800,000 loss in the second half of last year.
The Staffordshire-based company made a £50,000 profit in the six months to July 31 and said trading was in line with expectations. The firm turned over £2.1 million over the period, compared to £2.3 million in the first half of 2008, but the level of profit was the same. Net cash deposits were £600,000, up on the £260,000 at the last year end.
The group said: “Despite difficult market conditions, the company has been pleased to announce a number of new contract wins in recent weeks, underpinning expectations for the current year as a whole with over 80 per cent of anticipated revenues for the year to 31 January 2010 already contracted.”
The Birmingham Post reported last week that the company had sealed a £230,000 deal with an unidentified major UK life and pensions company, to provide computer technology services.
The firm warned it had been “trading in the eye of a storm” when it posted a loss in March. It will post its interim results on September 23.