Dr.Solomon's catches growth bug
Published: 25 Jul 1997 16:01 BST
Dr.Solomon's has nearly trebled its annual operating profits on the back of increased demand for anti-virus software and a successful entry into the US retail market. Dr.Solomon's is now ranked third in the list of top US anti-virus publishers, ahead of IBM and Touchstone/Trend, just three months after its US retail launch.
The company's operating profit for the 1997 financial year increased by 170% to £9.1 million from £3.4 million in 1996. Turnover from operating activities for the year was £14million compared to £10.9 million in 1996.
The UK-based company has come under fire recently from anti-virus rivals for being too UK-centric but director of product marketing Mike Hill said that the results are proof that the company is in fact a worldwide player.
"The UK accounted for just under 60 per cent of total sales for the year but a good thing for us is that 40 per cent came from outside of the UK," said Hill. "That in itself answers the accusations that we are a UK-only firm."
Results for the fourth quarter saw operating profits increase by 117% to £3.1 million from £1.4 million in the same period last year. Bookings were also up by 59% year-on-year from £9.3 million to £14.8 million. Bookings outside the UK were up by 109% year-on-year despite the adverse effect of the rise in the value of sterling and now represent over 40% of total bookings.
Hill pointed a finger at its rivals saying that "McAfee only gets around 20 per cent of its total revenues from outside the US. They criticise us for being too UK-based but this proves we are more global than they are."
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