Accumuli turns over £7m in second half

Despite having to bed down three acquisitions, security services firm hits targets for its financial year

Buy-and-build security VAR Accumuli expects its 2012 results to be bang on target after generating £7m in revenue in its second half.

The managed security services specialist gobbled up two resellers in late 2010 before making its largest acquisition to date, Boxing Orange, last April. The firm is continuing to run the rule over further acquisition targets.

For its full year to 31 March 2012, results were in line with management expectations as turnover hit £12.5m, allowing it to bank a group EBITDA of £2m.

Chairman Nick Kingsbury said: "There are always execution risks associated with any buy-and-build strategy and therefore to generate the expected results while bedding in three acquisitions is a good result.

"We have now embarked on the next phase of our strategy to deepen our services offering both through R&D and further acquisitions, particularly in the area of security information event management, which we believe will make a significant contribution in the future."

Accumuli called in the police last year after uncovering a £500,000 black hole in Boxing Orange's accounts, an issue that appears to have been resolved.

The firm said Webscreen, the proprietary DDOS solution it inherited through the Boxing Orange acquisition, has performed strongly. As a result, it will give Boxing Orange's vendors a higher-than-anticipated £443,000 deferred payment this month.

Accumuli's cash balance stood at £2m as of 31 March, the same as last year despite the £2.7m it paid to Boxing Orange last April.