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One key point to note about Portrait Software is that its customer relationship management (CRM) software often sits on top of existing CRM software - so evaluating its benefits is quite simple and quick - without the need to buy new systems. The software analyses customer data, offers call-centre operators selling prompts when talking to customers and tells companies when to contact clients as contracts end and when not to: the big no-no these days is to tell you when your mobile phone contract is up because of a high churn rate.
And then once every few years along comes a new financial behemoth needing new CRM software. So it’s possible that between £500,000 and £1m of Portrait’s latest profit for the six months to end-September is due to a new client introduced by major US-reseller Fiserv. That income is only part of a 10-year contract and what’s the name of the new financial kid on the block? One cannot be certain, but it might just be Tesco Finance & Insurance as it’s included in a selection of customers in the company’s results presentation. More importantly, perhaps, recurring revenues now amount to at £6m a year and visible income one year ahead is running at around £10m a year.
Portrait reports that “the second half is strong across the full range of our applications”. So, according to broker Singer, this year’s “profitable growth” could produce profits of £1m in place of a loss of around £3m on sales £1m higher at £15.4m.