Objective FY11 profit grows 46%

Business software developer Objective Corporation (ASX:OCL) lifted its FY11 profit 46 per cent, despite a 4 per cent slump in revenue

Enterprise software company Objective (ASX:OCL) has reported a 46 per cent increase in FY11 profit to $3.1 million.

The company, which specialises in content, collaboration and content management software, said it achieved the result despite a 4 per cent slump in total revenue to $40 million.

While revenue from APAC grew 11 per cent to $31.7 million, European revenue fell 37 per cent to $7.4 million, due largely to the UK government's strict spending cuts.

CEO Tony Walls said despite the European revenue slump, the company is continuing to acquire new customers in the region.

He said Objective's strategy of focusing on the public sector had helped it win significant deals with bodies including the NSW Roads and Traffic Authority and Victorian State Trustees.

R&D spending decreased slightly to $9.3 million, but spend as a percentage of revenue was maintained at 23 per cent.

Walls said Objective's outlook for FY12 is “encouraging,” noting that the company should be in a position to “deliver improved financial results".

OCL shares stayed flat on Tuesday at $0.190.

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