http://www.allocatesoftware.com/

Allocate Software plc is the leading workforce optimisation and compliance software applications provider for organisations with large, multi-skilled workforces. With a blue chip client base spanning the public and private sector, its key vertical markets include: Healthcare, Defence and Maritime Offshore Oil and Gas.
At the core of the business is Allocate’s workforce optimisation software, which streamlines the whole workforce management of multi-disciplinary groups, across diverse locations.

Headquartered in London, it employs around 300 people providing services and support to its increasing international customer base through regional offices in the UK, Australia, Malaysia, Sweden and the USA.

Allocate is quoted on the London Stock Exchange (AIM: ALL) and is incorporated in the United Kingdom which is its principle country of operation.

24 Jun N+1 Singer 80.00 Buy
24 Jun Numis 106.00 Buy

UPDATE: Allocate Software cashing in on recurring revenue
By John Harrington June 24 2013, 2:30pm



The Defence business had a productive year securing a major contract with Royal Australian Airforce as well as securing a series of important professional services contract extensions.The Defence business had a productive year securing a major contract with Royal Australian Airforce as well as securing a series of important professional services contract extensions.

-- Adds broker comment, updates share price reaction --

Investment analysts are in for a pleasant surprise when Allocate Software (LON:ALL) publishes its full year results, as cash generation has been much stronger than expected.

In a preview of its full year results, the healthcare software specialist said it delivered a very strong performance in the second half of its financial year, with revenue and underlying earnings (EBITDA)) in line with expectations.

The company, which, like a lot of software firms, is offering software as a service (SaaS) as an alternative to the traditional upfront licence fee model, said cash performance has “materially exceeded analysts' expectations”, due to the continuing transition in the company's business model to one based more on recurring revenues and also to improvements in working capital.

The group said the level of recurring orders secured by its UK Healthcare business has been higher than anticipated, which means that cash, deferred revenue and contracted, unbilled orders in hand are higher than anticipated.

For those investment analysts struggling to predict Allocate’s revenue streams, this should mean that the visibility and predictability of future years' revenue streams will be improved.

"At the same time as delivering revenue in line with expectations we continued our transition to a business with higher recurring and deferred revenues. Although revenue growth has been masked by both a large order in the prior year and the move to higher recurring and deferred revenues, billings and cash show more significant growth and more fairly reflect the true underlying progress that Allocate has achieved this year,” said Ian Bowles, chief executive officer of Allocate.

When customers move to the SaaS model from the seat-licensing model, it often leads to an initial dip in the software company’s revenues, as the customers’ payments are spread out over the year rather than paid upfront in a lump payment. On the plus side, the SaaS model evens out the income stream for the software company, which usually is a boon to working capital.

Over the full year, the number of new customers signing up for the company’s HealthRoster e-rostering solution was slightly lower than in the previous year, but this was in line with management’s expectations. Several of the new customers secured were clients switching from competing products, while HealthRoster renewals continued at the unimprovable 100% renewal rate.

The migration from HealthRoster version nine (V9) to V10 continues in line with management plans. Customers that have migrated are located primarily in the UK, along with customers in the USA and Australia.

The Allocate Cloud solution, launched in July, has exceeded management original plans, the company revealed.

The good news continued, with the company revealing that sales of the Zircadian Medics products enjoyed a good year.

Multi-year renewals have been secured with substantially more customers than anticipated demonstrating high levels of customer satisfaction.

The other two legs of the company’s business – Defence and Maritime – also had solid years, characterised by important contract extensions.

"We remain well placed to support the broader healthcare market in general and specifically the NHS in its goals of improving patient care whilst driving improvements in efficiency," Bowles concluded.

House broker Numis said that the performance may have only been in-line on the revenue and operating profit front, but showed strong out-performance “on almost every metric that really matters for the future - cash, bookings, recurring orders, deferred revenue and unbilled orders”.

The broker has been banging on about the increased quality of revenue at Allocate for some time now, and argues that the latest figures leave its forecasts for the current financial year (to 31 May 2014) “comfortably underpinned”.

Numis, which rates the shares as a buy, reckons the key drives for the company are: “1) Strong customer uptake of Cloud (ahead of management’s original expectations and even subsequent re-forecasts). 2) Good sales of Medics products (this includes the former Zircadian business) with increasing multi-year renewals which can yield cash upfront. 3) Good H2 Healthroster sales (after Q1 was impacted by a previously disclosed slowdown) with continued 100% renewal rates.”

Shares in Allocate Software were up 9.0% to 73p in mid-afternoon trading.

Allocate Software
Trading update
In at a canter

http://www.edisoninvestmentresearch.com/researchreports/Allocate250613update.pdf

Not much coverage here; or at the nfvda place

Final Results

RNS


RNS Number : 8867J

Allocate Software PLC

23 July 2013






23 July 2013

Allocate Software plc

("Allocate" or the "Company")



Final Results for the Year Ended 31 May 2013



Allocate Software plc (AIM: ALL), the leading provider of workforce and compliance optimisation solutions, announces its final audited results for the year ended 31 May 2013.



Financial Highlights



§ Total revenue increased by 1% to £37.1m

§ Healthcare revenue increased by 10% to £29.3m

§ Recurring revenue increased by 13% to £17.6m representing 47% of total revenue

§ UK Healthcare bookings exceeded UK Healthcare revenue by £5.5m

§ EBITDA* was £4.8m (2012: £6.4m)

§ Diluted adjusted EPS** was 5.6p (2012: 7.4p)

§ Operating cash flows were £8.7m (2012: £5.4m)

§ Gross cash balance was £13.1m. Net cash balance was £9.1m

§ Directors are proposing an increased dividend of 1.32p (2012:1.2p) per share in respect of the full financial year



* EBITDA refers to earnings before interest, tax, depreciation, impairment, amortisation and share based payments and acquisition costs.

** Diluted adjusted EPS excludes amortisation of intangible assets, impairment, acquisition costs and share-based payments, adjusted for taxation.



Business Highlights

§ UK Healthcare bookings exceeded revenue by £5.5m driven by the Allocate Cloud and Medics products. These products significantly contribute to the underlying increase in revenues and to deferred income to be recognised in future years.

§ Cash generated from operations exceeded EBITDA by £3.9m, driven by improvements in working capital and by the continuing evolution of the business model to one based more upon recurring revenues.

§ In July 2012 we acquired RealTime, the UK based supplier of Patient Flow solutions to the NHS.

§ 16 NHS Trusts selected HealthRoster after competitive tenders in 2013. 151 Trusts are now using the application which represents 51% of the 296 Acute, Mental Health and Community Care Trusts in the United Kingdom at year end.

§ The HealthRoster win rate this year was 88% and the 16 new wins included four competitive displacements.

§ 19 NHS Trusts renewed their HealthRoster contracts in 2013. 33 Trusts in total have made this commitment since the first renewal in 2010, a 100% success rate that is a clear demonstration of the value the application is delivering.

§ The Company secured 24 customers for the Allocate Cloud since the service was launched in July 2012.

§ The Medics Applications exceeded management's expectations this year with 13 NHS Trusts selecting at least one of them for the first time. The total number of NHS Trusts using the Medics Applications is now 144.

§ 37 clients have HealthRoster v10, including 22 clients who have migrated from HealthRoster v9 to HealthRoster v10, including one client in the US and a major client in Australia.

§ The Nordics business performed well driving increases in both revenue and profit margin.



Ian Bowles, Chief Executive Officer of Allocate, commented:





"The success of Allocate Software in 2013 is not fully reflected by the headline revenue in our audited financial statements. UK Healthcare bookings secured in 2013 are higher than reported revenues by £5.5m demonstrating the continued evolution of the Allocate business model, the value of which will accrue to future periods. The NHS and healthcare organisations internationally are increasingly benefiting from the broader solutions portfolio that we are able to offer. I am confident in our ability to increase success by offering our customers value added solutions that meet their needs."

Allocate Software ups dividend as cashflow hits record
By Philip Whiterow July 23 2013, 8:01am The dividend for the year rises by 10% to 1.32p (2012:1.2p).The dividend for the year rises by 10% to 1.32p (2012:1.2p).

Allocate Software (LON:ALL) upped its full year dividend as it generated a record amount of cash and saw good growth from its new cloud–based healthcare software.

Income in the year to May rose by 1% to £37.1mln (2012: £36.6mln) reflecting a 13% rise in UK Healthcare recurring revenues. Bookings in UK Healthcare also exceeded revenue by £5.5mln.

Overall, healthcare revenues rose by 10% to £29.3mln, with the Nordics region also seeing strong growth. Defence revenues were £5.0mln (2012: £7.6mln) while maritime revenue was £2.8mln (2012: £2.1mln).

Underlying earnings, EBITDA, declined to £4.8mln (2012: £6.4m) though this included additional £1.5mln costs from the July 2012 acquisition of RealTime and higher sales commissions on recurring revenue products.

Losses for the year fell to £2.39mln from £4.45mln, while cash generated rom the business rose to £8.7mln from £5.4mln.

The dividend for the year rises by 10% to 1.32p (2012:1.2p).

Allocate added that 16 NHS Trusts selected HealthRoster after competitive tenders in 2013, which takes the total using the staff rostering system up to 151 or 51% of the UK’s acute, mental health and community care trusts.

HealthRoster had a success rate of 88% in new tenders, while the group maintained its 100% renewal rate as 19 NHS Trusts renewed their HealthRoster contracts.

A further 144 NHS trusts also use the Allocate's Medics applications, while the new cloud service now has 24 customers following its launch in July 2012.

Ian Bowles, chief executive, said: "The success of Allocate Software in 2013 is not fully reflected by the headline revenue in our audited financial statements. UK Healthcare bookings secured in 2013 are higher than reported revenues by £5.5m demonstrating the continued evolution of the Allocate business model, the value of which will accrue to future periods.

"The NHS and healthcare organisations internationally are increasingly benefiting from the broader solutions portfolio that we are able to offer."

Allocate Software

Set to move forward strongly


http://www.edisoninvestmentresearch.com/researchreports/Allocate260713update.pdf

Allocate Software aims to continue growth trajectory


July 25 2013, 8:41am
Ian Bowles, CEO of Allocate Software (LON:ALL), tells Proactiveinvestors that the company has been working hard through a period of transition and has emerged into a new phase of cash generation. Ian says that with the recent implementation of cloud based technology at the company, Allocate is in a good position to add value for its client base and so add value for investors.



http://www.proactiveinvestors.co.uk/companies/stocktube/2114/allocate-software-aims-to-continue-growth-trajectory--2114.html

Allocate Software (LON:ALL) shares are cheap at just 86p.

That’s the verdict of broker Numis, which was encouraged by the recent full-year results.

Analyst David Toms said they showed the strength of the transition that the company is undergoing.

And at an EV:NOPAT [enterprise value to net operating profit after tax] of just 8.7 times earnings, Toms thinks the market “is still overlooking the quality of earnings”.

Even against its raised forecasts, the analyst thinks there is still room for the shares to beat expectations.

He sticks by his 118p target price and ‘buy’ recommendation



http://www.proactiveinvestors.co.uk/columns/broker-spotlight/13685/broker-round-up-ii-adept-telecom-allocate-software-horizonte-minerals-13685.html

Dividend Payment Date

RNS


RNS Number : 6103K

Allocate Software PLC

31 July 2013






31 July 2013



ALLOCATE SOFTWARE PLC

("Allocate" or "the Company")



Dividend Payment Date





Further to Allocate's final results announcement for the year ended 31 May 2013, Allocate confirms that, subject to shareholder approval being obtained at the Annual General Meeting to be held on 26 November 2013, the dividend of 1.32 pence per ordinary share will be paid on 5 December 2013 to shareholders on the register on 8 November 2013.Shareholders will be offered the option to receive shares instead of a cash dividend, the details of which will be explained in the notice of general meeting.

Allocate Software PLC (ALL:LSE) set a new 52-week high during today's trading session when it reached 92.00. Over this period, the share price is up 23.13%.

Still on the up.

Director Shareholding

RNS


RNS Number : 3398O

Allocate Software PLC

18 September 2013








18 September 2013



ALLOCATE SOFTWARE PLC

("Allocate" or "the Company")



Director Shareholding

The Company was notified on 17 September 2013, that 280,000 ordinary shares in the Company in which Ian Lang is interested were sold at a price of 101p pence per share.



Following this transaction, Ian Lang is interested in 286,437 ordinary shares, representing approximately 0.4 % of the total issued share capital of the Company.

:-))

Trading Update

RNS


RNS Number : 6353J

Allocate Software PLC

16 June 2014






16 June 2014



ALLOCATE SOFTWARE PLC

("Allocate" or "the Company")



Full Year Trading Update



Revenues in line, EBITDA and cash exceed market expectations



Allocate Software (AIM: ALL), the leading provider of workforce and compliance optimisation solutions, today provides the following positive update on trading for its financial year ended 31 May 2014. The Company's audited results will be announced on 21 July 2014.



Overview



Allocate delivered another strong performance with full year revenues in line and EBITDA and cash ahead of market expectations.



Healthcare - UK Healthcare bookings exceeded revenue, driven by Allocate Cloud demand



The Healthcare business, the Group's main division and primary growth driver, produced another successful year and has continued to perform strongly. During the period, this division secured a significant number of contracts with both new customers and also for new products. Healthcare revenue has risen to 86% of Group revenue from 79% in 2013.



UK Healthcare bookings again exceeded revenue, driven principally by the accelerating deployment of the Allocate Cloud, which the Company launched in June 2013.



Adoption of Allocate Cloud has exceeded management's expectation with the number of new customers secured in 2014 being significantly higher than that in the prior year. The adoption rate is high due to the reliability, ease of deployment, cost saving and security offered by the service. All Allocate Cloud customers secured in 2013 have either renewed their agreement or are in the process of doing so. This means that over one third of Allocate's NHS HealthRoster customers are now operating on the Allocate Cloud.



HealthRoster, Allocate's core application, has maintained its strong growth with the number of new HealthRoster customers secured by the Company consistent with each of the prior two years. The high win rates of previous years have been maintained, as has the previous years' rate of competitive displacements. Additionally, the number of HealthRoster renewals significantly exceeded the number secured in the prior year with renewals continuing at the previously announced 100% rate.



The migration to HealthRoster V10 which was launched two years ago continues in line with management's plans. The number of HealthRoster V10 customers that are now live on the platform represents approximately 33% of the HealthRoster installed base, the number contracted and in process is over 50%. HealthRoster V10 adoption is key to sales momentum and the Company now has the platform required to be able to cross-sell new product lines to its installed base of customers.



SafeCare All-the-Time, the Company's new suite of applications which have been developed to support the drive within the NHS to improve the transparency of staffing levels, has been well received by customers and prospects. In 2014, some 15% of Allocate's NHS customers contracted for the first product of the new suite to be offered. On 5 June 2014, the full suite was announced and has already generated significant interest from the customer base. SafeCare All-the-Time will be an important growth driver in the next few years.



Sales of Allocate's Medics applications have progressed with the total number of new agreements secured slightly short of expectations due to a change in product mix; however these applications did achieve a high renewal rate of annual subscriptions.



As stated in the Company's interim results on 20 January 2014, sales of the Patient Flow and Emergency Department product lines have been slower than expected with decision making cycles being longer than originally anticipated. The year has shown strong levels of customer interest, but results have not met expectations.



The Company's international Healthcare operations continue to grow and again delivered results that have met management's expectations with both the Nordic and Australian regions achieving year-on-year growth.



As the Company enters the new financial year, the UK and Swedish Healthcare pipelines are strong, driven by high levels of customer engagement showing significant interest in our solutions.





Defence and Maritime- Long-term key customers continue to anchor strong position in sector



As stated in the Company's interim results on 20 January 2014, licence revenues from Allocate's defence and maritime divisions are harder to predict and no new customers were secured during the period. Notwithstanding, Allocate continues to maintain a strong position in the Defence and Maritime sector, with long-term key customers in the UK and Australia utilising its solutions and the Group's solution capabilities remain strong. In 2014 the two divisions combined accounted for 14% of Group turnover.





Ian Bowles, Chief Executive Officer of Allocate commented



"2014 was another strong year for Allocate, underpinned by compelling levels of organic revenue growth and a significant increase in profits and margins. We have responded quickly to the evolving requirements of the NHS and during the year have designed, built and deployed the capability to provide the safe staffing reporting required of all NHS Trusts by NHS England and NICE. Our core offering, HealthRoster, has maintained its market leading position. We have secured the same number of new HealthRoster customers as in each of the last two years and continued to renew 100% of HealthRoster term licenses. We more than doubled the number of Cloud customers as well as the number of customers that are now live on the V10 platform.





"Allocate closes the financial year 2014 with high levels of customer engagement and we remain confident that we are well positioned to continue to meet their needs and deliver on the strategy that we have laid out."

Final results Monday.

UPDATE - Allocate Software hits new records as NHS demand grows

By Philip Whiterow

July 21 2014, 3:40pm
The software group now has 147 major agreements in UK hospitals.
The software group now has 147 major agreements in UK hospitals.


--adds broker comment, more detail --

Tighter control of hospital staffing has led a surge in orders for Allocate Software’s (LON:ALL) new SafeCare product.

Allocate only launched SafeCare late last year but the number of UK hospitals using it has rapidly risen to 37.

An overhaul of NHS staffing policies following the Mid-Staffs scandal and various reports into what went wrong boosted Allocate’s business all round.

Overall, 147 major agreements with UK hospitals were signed across its product portfolio during the year, demand that led to a record year for earnings and 19% growth in UK revenues, which exceeded both the company’s own expectations as well as the markets’.

Ian Bowles, Allocate’s chief executive, said: “The number of new healthcare customer agreements for HealthRoster, Cloud and SafeCare exceeded management expectations, primarily because our suite of applications is so closely aligned with the needs of the NHS.”

He added the company had worked with its NHS customers, especially nursing directors, to analyse how the staffing changes proposed last year would affect staff roles and had tailored its products to meet these needs.

Total revenue increased by 8% to £40mln (2013: £37.1mln) in the year to May, while underlying profit (EBITDA) jumped by 44% to 6.9mln.

At the pre-tax level, Allocate swung to a profit to £2.89mln from a loss of £2.39mln, while net cash climbed to £13.7mln (2013: £9.1mln). The dividend for the year rises 10% to 1.45p per share.

Bowles said revenue, EBITDA and cash rose to their highest ever levels, with the EBITDA margin progressing by four percentage points over 2013.”

Iit was also its most balanced performance as there was not one significant transaction and the Australia and Sweden businesses also had good years. The proportion of recurring revenues also rose to 47% of the total.

This year so far had seen the sales momentum continue, he added, with a very strong pipeline for core product Healthroster, while SafeCare’s rapid adoption had continued while more customers are switching to the cloud-based product suite.

Brokers said the latest results were stronger than they expected.

Numis noted that healthcare bookings (value of business signed) were £41.2mln or £6.5mln greater than revenue, while over 90% of new or renewed Healthroster licences were also on a term/rental basis, which is strong indicator for the furtre.

Numis expects revenues to rise to £41.9mln in the current year with underlying profits of £7.4mln. Its recommendation is ‘buy’ with a 151p price target.

Shares today were 115p.

Final Results

RNS


RNS Number : 7963M

Allocate Software PLC

21 July 2014









21 July 2014

Allocate Software plc

("Allocate" or the "Company")



Final Results for the Year Ended 31 May 2014



Record year with strong recurring revenues and EBITDA performance

Record 147 UK Healthcare transactions secured for major products



Allocate Software plc (AIM: ALL), the leading provider of workforce and compliance optimisation solutions, announces its final audited results for the year ended 31 May 2014.



Financial Highlights

§ Total revenue increased organically by 8% to £40.0m (2013: £37.1m)

§ Recurring revenue increased by 7% to £18.8m representing 47% of total revenue (2013: 47%)

§ Healthcare revenue increased organically by 18% to £34.7m (2013: £29.3m)

§ Healthcare bookings* were £41.2m, £6.5m greater than Healthcare revenue

§ Adjusted EBITDA** rose 44% to £6.9m and 17% of revenue (2013: £4.8m and 13%)

§ Diluted adjusted EPS*** was 9.0p (2013: 5.6p)

§ Net cash balance was £13.7m (2013: £9.1m)

§ Proposed dividend up 10% to 1.45p (2013:1.32p) per share

§ Statutory Profit before tax rose to £2.9m (2013: loss £2.4m)



* Bookings are defined as the total value of contracts received in the period

** Adjusted EBITDA refers to earnings before interest, tax, depreciation, amortisation, impairment, share based payments and non-recurring costs

*** Diluted adjusted EPS excludes amortisation of intangible assets, acquisition costs, non-recurring costs, impairment charges and share-based payments, adjusted for taxation



Business Highlights

§ 147 major agreements across the applications portfolio in the UK led to UK Healthcare revenue growth of 19% over 2013, exceeding management expectations

§ 16 customers selected HealthRoster, all on a term licence basis

§ The HealthRoster win rate increased to 90% (2013: 88%) with the 16 new agreements including six competitive displacements

§ 36 NHS Trusts renewed HealthRoster contracts in 2014, 32 on a term licence basis. This continues the 100% success rate and is a clear demonstration of the value the application is delivering, now reinforced by the NHS Safe Staffing agenda

§ 39 customers selected the Allocate Cloud, bringing the total number of customers for the Cloud service to 63, which is 37% of the HealthRoster installed base

§ 33 new SafeCare agreements secured, bringing the total to date to 37

§ 12 NHS Trusts selected the HealthMedics applications for the first time. There were 23 transactions for the HealthMedics products. The total number of NHS Trusts using the HealthMedics applications is now 155

§ 59 customers are now live on HealthRoster V10, including 21 customers who have migrated from HealthRoster V9 to HealthRoster V10. In addition a further 37 customers are contracted to migrate

§ The Nordics operations performed very well and Australia Healthcare business performed in line with expectations, driving increases in both revenue and profit



Ian Bowles, Chief Executive Officer of Allocate, commented:



"We have delivered a very strong performance in 2014 with growth in our core product areas and in multiple geographies. Revenue, EBITDA and cash increased to their highest ever levels with the EBITDA margin progressing by four percentage points over 2013. The number of new healthcare customer agreements for HealthRoster, Cloud and SafeCare exceeded management expectations, primarily because our suite of applications is so closely aligned with the needs of the NHS. The NHS focus on safe staffing has increased the level of interest from Trusts seeking support as they continue to focus on driving efficiencies and improving the quality of care delivered. Our international operations continue to strengthen providing an additional platform for future growth.



We closed the 2014 financial year well, carry a strong momentum in to 2015 and look forward to continued success in the future."

FURTHER IRREVOCABLE UNDERTAKING RECEIVED

RNS


RNS Number : 2826U

Acorn Bidco Limited

14 October 2014






NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

14 October 2014

RECOMMENDED CASH OFFER

for

Allocate Software Plc ("Allocate")
by

Acorn Bidco Limited ("Bidco")

FURTHER IRREVOCABLE UNDERTAKING RECEIVED



Further to the announcement regarding the recommended cash offer for Allocate by Bidco this morning (the "Announcement"), Bidco has received from Artemis Investment Management LLP an additional irrevocable undertaking to vote in favour of the Scheme at the Court Meeting and the Special Resolution to be proposed at the General Meeting in respect of a total of 6,000,000 Allocate Shares, representing a further 8.8 per cent. of the issued ordinary share capital of Allocate on 13 October 2014, being the last practicable date prior to the date of this announcement.

Accordingly, Bidco has received irrevocable undertakings to vote in favour of the Scheme at the Court Meeting and the Special Resolution to be proposed at the General Meeting in respect of 38,190,264 Allocate Shares representing, in aggregate, approximately 55.9 per cent. of the issued ordinary share capital of Allocate on 13 October 2014, being the last practicable date prior to the date of the Announcement.

A full schedule of irrevocable undertakings received is set out in the appendix to this announcement.

Capitalised terms in this announcement shall have the meaning given to them in the Announcement, unless otherwise defined.