Strong results for Voyager Software reaffirm health of the recruitment market
Despite a slow economy, in the 12 months to June 2011 Voyager revenues increased by 18.5% and pre-tax profits from operations have doubled according to its preliminary results.
“This has been a very strong year,” commented Nick Ray, CEO of Woodcote Software, Voyager’s parent company. “Our recurring revenues have risen substantially, helped by Voyager’s success with Virtual Voyager, our ASP offering, where revenues have trebled in the past twelve months.”“There is no question that the recruitment industry suffered during the downturn, but it is clear that the fortunes of recruiters have improved in the last year. The total number of active licenses of Voyager products at the end of June 11 is 10% higher than it was in June 10. This reflects not only a strong performance in new business wins, but also a turnaround for many of our customers who have increased their headcount and therefore licenses over the last twelve months.”
“Not only has Voyager had an excellent year, but Woodcote’s other business, expressHR, posted record pre-tax profits and EBITDA from our operating companies has exceeded half a million for the first time in the group’s history. Anticipating further growth in the years to come, Voyager moved to larger premises a few months ago and both companies have maintained their investment in new products and this positions us well for the future.”
“While some competitors have looked to cut back on service levels to their clients, or have started charging for product upgrades, we have maintained a singular focus on customer satisfaction,” said Simon Warburton, Voyager’s MD. “To be competitive in this market and to maintain customer loyalty we have always known that it requires more than just a good product. That is why our Voyager customers get access to first rate telephone support, training and why we run free on-line clinics to help customers take advantage of the many features in their software. And our commitment to software upgrades as part of the support contract remains undiminished.”