ECsoft Group, the Anglo-Scandinavian IT services company that trades on Nasdaq, has raised #18.5 million following its secondary listing on the UK stock exchange on 1 July. The price per ordinary share was set at 1807p and the company was valued at about #190.7 million.
Cambridge-based software company Autonomy plans to float with a #100 million stock market listing with institutions. The flotation will raise #31.25 million to expand the company. It will also earn Autonomy chief executive Mike Lynch #20 million.
Adobe has seen a fall in its net profits to $28 million in the second quarter ended 29 May, from $40.1 million last time. Total turnover was virtually flat at $227.3 million, with a corresponding drop in licensing revenue in the quarter to $42.5 million, from $53.3 million in the same period last year.
Logica to expand
Logica shares made strong gains on 24 June after a positive trading statement and suggestions it could be on the acquisition trail, rising 100p to 2057.5p.
The consultancy group, whose shares have trebled over the past 12 months, is planning rapid expansion through acquisition over the next year and said it expected 'substantial revenue growth' in the year to 30 June.
Vtech profits up
London-listed Hong Kong computer and telecoms company VTech Holdings claimed it has shrugged off the Asian financial crisis, as most revenues were made in US dollars and European currencies. The company reported a rise in pre-tax profit to $80 million and turnover of $842 million, a jump of 15 per cent. VTech Chairman Allan Wong said depreciation of Asian currencies worked in VTech's favour, reducing the cost of components.
Corel cuts costs
Canadian software company Corel reported narrower-than-expected losses for the second quarter but announced it needed to consolidate operations to cut costs. Operations in Orem, Utah, would be phased out and switched either to Corel's Ottawa headquarters or Dublin, Ireland. For the quarter ended 31 May, Corel reported a net loss of $8.3 million and sales of $63 million. In the same period last year, Corel reported a loss of $117 million on sales of $87million.
Eaton job losses
US components manufacturer Eaton Corporation warned last week that profits will drop this year. Analysts had expected a three per cent rise per share but Eaton said because of a prolonged downturn it was no longer confident 1998 earnings would exceed 1997 results. Two hundred more jobs will be cut in the semiconductor division, in addition to 400 already dropped.
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