Ci Technologies Announces Double-Digit Revenue and Profit Growth
Ci Technologies Group Limited, a leader in industrial automation and information management solutions, reported a positive result for the full year of 2001. Group revenues of $47.8million in the period were 17% higher than the preceding year. Net profit after tax was $5.82 million, a 14% increase over the preceding year.
During the year, Ci Technologies achieved solid growth over the year 2000 in all geographies and all business segments, and positioned itself for continued global growth.
The revenues for this geography grew by 23% to $22.4 million and result before tax was $8.3 million, an increase of 22% over 2000. As announced on 5th December 2001, Ci Technologies acquired its former South African software distributor and its related system integration business. This acquisition was completed in January and major projects with the De Beers Group and Kumba Resources have since been awarded.
America's revenue grew by 10% to $9.6 million; a good result given the unsettled market conditions in the wake of the 11th September events. In these conditions Americas achieved a result before tax of $1.4 million, a decrease of 32%. In December, Ci Technologies was awarded a contract in excess of $1.5 million for the first phase of a natural gas pipeline project from PG&E Gas Transmission Northwest Corporation. This was a competitive win in a strategic industry.
Revenue in Europe grew to $9.6 million, a 15% increase over the 2000 full year. Result before tax grew by 12% to $7.63 million. In tough conditions, Europe won multiple deals in strategic industries such as water, pipelines and facilities management and also strengthened penetration in the OEM market.
Asian revenues grew strongly by 41% to reach $6.1 million. Result before tax for the geography grew by 9% to be $2.0 million. The investments in this region, particularly in China and Japan are showing good returns with major project wins in China and strong growth in Japan and elsewhere.
Software license revenues for 2001 grew by 3% to be $24.2. While Citect showed little growth over 2000, Plant2Business revenues more than tripled.
Services revenues increased 42% to $23.1 million. While Professional Services revenues increased by 45%, margins were under pressure throughout the year primarily due to large, relatively low margin projects with high levels of hardware in Australia, and due to set-up issues internationally. Software maintenance support increased by 35% and training revenues increased by 27%
Citect 5.3 was released in March, and version 5.4 was released in July. Both of these versions included enhanced features that add value to existing customers and increase the competitiveness of Citect. Plant2Business version 2 was released in October, and together with enhanced capabilities, provides the ability to connect to Intellution's Fix32 and iFix control systems.
The division is continuing the development of Metamorphic, the next generation platform for both Citect and Plant2Business. The Metamorphic technologies will be rolled out during 2002 first with Plant2Business to enable a more aggressive entry into the emerging and fast growing
Industrial Information Management market. Metamorphic technologies will also be utilized in a specialized Citect release late in 2002. During 2001, R&D investment increased by 20%.
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