VAR Software Box Ltd (SBL) enjoyed a terrific 2011 fiscal year, posting double-digit top- and bottom-line increases while keeping a tight rein on operating expenses.
For the 12 months to 31 August 2011, the York-based reseller grew sales by more than 15 per cent year on year to £84.4m. Operating profit rose 94 per cent from just over £900,000 to almost £1.8m. This equates to a rise in operating margins from 1.2 to 2.1 per cent.
Employee numbers rose only marginally, from 94 to 96, and the directors' report claims that overhead costs grew only five per cent over the course of FY11. Net assets at year end stood at almost £4.1m, compared with £3.2m the prior year.
During the year SBL tied up a £30m five-year contract with the Ministry of Defence and the report's business review indicates the VAR headed into FY12 with "a strong order book". It sounds a note of cautious optimism about the year ahead.
"The UK economic recovery is still regarded as fragile but we believe the company can continue to thrive on being able to deliver products and services to our ever-increasing customer base," says the report.
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