Looks like these Guys like it aswell. 'Share Of The Week' at everyinvestor.co.uk
ANOTHER SOFTWARE DEVELOPER WITH MASSIVE GAINS POTENTIAL. 12/5/2003

Bond International Software

Business Summary
Provision of software, hardware and related support services, principally to the recruitment services.

Market: AIM
Website: www.bond.co.uk

Bond International Software, although only a tiny company, has a leading position in the market for software for recruitment businesses. After a disastrous year in 2002 the company slashed costs, especially in its US operations, and has just reported a return to modest profits for the first half of calendar 2003. But the excitement in the share price is the potential for the soon-to-be-launched Version 11 of its software.

Version 11 may sound no big deal but the company has been working on this for years and says the improvements are so massive that it is really a new product. Chief executive Steve Russell says the product will be launched with an important customer signed up. Even more significantly he says that there is scope to sign up some giant customers for the software. A single order could be for as much as 5m which would have a transforming impact on a company with sales last year of 6.4m and a market capitalisation of 4.9m.

I should caution here that managements at small software companies are not noted for their pessimistic outlook on life. A more down-to-earth note from stockbrokers, Seymour Pierce, published after the latest interim figures, forecasts sales rising to 7m this year and 7.5m next, with profits of 300,000 and 500,000 respectively. Even that provides reasonable underpinning for the present share price, but Russell says those forecasts could be left way behind by events. Analysts are paid to make assumptions about the future but they can hardly factor into their forecasts sales from unknown customers for a product that has not even been launched yet. Alan Matthews, author of the Seymour Pierce note, says that he has not built into his numbers any upside for Version 11.
Massive cost-cutting restores profitability
Bond received a bloody nose in 2002 from an over-ambitious expansion in America. It built up a far-flung sales and support operation with 55 employees to service and build the expected fast-growing US arm of the business. The catastrophic attacks on the World Trade Centre on 11 September 2001 were a commercial disaster for the group. New orders for software dried up completely and the business began haemorrhaging cash. In a spectacular slash-and-burn exercise the US labour force was cut from 55 to 6. Amazingly, the group claims that this has been done without destroying the ability of the US arm to operate successfully.

The result of the staff cuts is that administrative costs have dropped from 4.85m to 2.95m. At the same time turnover has crept up from 3.18m to 3.37m enabling the group to turn a 2.1m loss into a 155,000 profit. Profits are also helped by capitalising 75 per cent of the anticipated 1m cost of developing Version 11. These costs will be amortised against revenues once the product is completed.

At the same time as cutting overheads drastically, the group has been focusing on building recurring revenues from customers. These are sales from maintenance, support services and from the managed service package. In the latest year recurring revenues represented 70 per cent of overheads against 37 per cent the year before. The plan is to build recurring revenues to cover 100 per cent of overheads so that new license sales will be pure profit. If the company can reach this position by 2005 and make big license sales the impact on the business will be dramatic.

Who;s who of recruitment giants already customers
As well as having what it believes to be an exciting new product the group also has a formidable customer base with a whos who of the worlds leading recruitment businesses like Manpower already clients. In the UK the group is growing its managed services business through a relationship with recruitment and support services giant, Hays.

Bond’s software helps recruitment companies manage the personnel they are supplying to their customers right across the relationship. Version 11 is a vastly upgraded product that is compatible with third party databases rather than requiring bespoke systems. This has the advantage that customers can configure their systems to their own particular requirements while still using highly cost-effective software. The company claims that there is already considerable interest from potential customers, hence its confidence that some large orders will be signed over the next couple of years.

The risks are obvious. There could be delays in launching the product. Customers may not respond as hoped. But meanwhile there are positive developments including signs of life in the recruitment market, an improving order book with more large prospects in the pipeline and a major deal in the UK and two in the US already won in 2003. The shares look a solidly based speculation with the potential to really hit the jackpot. ENDS.

Quite a breathtaking report with fair warnings given. I think the most important aspect being that the brokers have not even factored anything in yet for version 11 and they have to my knowledge a BUY note on it whith a further add note after the results on the 9th.

GF PDYOR.

Lifted from another board, many thanks to the author for an excelent piece of research which I fully agree with. Nice yo see someone doing the P/E the right way after tax................................

My justification for buying stems from the following.
Substantial current growth performance - 36% increase in turnover, 205% increase in EPs. The results have been upgraded and beaten. I noticed Seymour Price had upgrade 2004 figures to 1.7M pre - tax and 5.7EPS which was substantially below actual result. So as for 2005 - is the 3m pencilled in figure to prove to low?

Next we have outlook - '2005 extremely encouraging' as posted in the results, and the recent aquisition Prairie expected to have an impact in overall figures. This points to upgrades!

Next we have the large orders which were feeding through last year - the largest ever for the Company of 500,000 which was then topped by another a few months later. The frequent mention of targetted large recruitment Companies in the figures indicates confidence (no doubt discussions were already in place in some instances).

Then there is the launch of next generation of Adapt recruitment this month, again with larger Companies targetted here - I.e a nice new product which puts new clients on the radar.

So we have a pencilled in EPs of 9.1p next year (growth of 35%), that is without any upgrades, followed by more growth in years to come as the new markets open up. This was also mentioned in results the comment '2005 and beyond'.
All this with a Pe of around 11 for 2005 - I don't think so.

The shares are worth considerably more, I usually look for a minimum 30% annual return (not always acheived, but also sometimes substantially beaten).

I feel extremely comfortable that this share will cover my ambition. In fact, on a PE of just 14 I will be just about there, but I am looking longer term and hope for much more - both this year and beyond.

Oh, and forgot to mention the debt free position and increasing margins. ENDS.

cheers GF.

Excelent news on the technology front, lets hope those orders come piling in.......................

Bond International launches new 'Adapt' software for staffing agencies
AFX


LONDON (AFX) - Bond International Software PLC, which provides systems to staffing agencies, said it has launched 'Adapt On-site' which it claims will help line managers and HR managers hire more effectively.

'(They) have a custom set of menu options that grant access to submit jobs,

view progress on existing assignments including short-listed applicants, run

workflow, authorize timesheets, run reports, etc,' the company said.

bam

cheers GF.

With all these bullish results coming out from Recruiters surely its time to jump on this one. Patience will provide in the end.

cheers GF.

Anytime now and I mean anytime now.

cheers GF.

This one always does this - quiet for a few weeks then boom +10 % or so. Then settles back a few points & quiet for a bit & then boom!
Long term this is a 'star' IMO & I agree gf that we will see a 'boom' soon I thinks

Good news out from Bond this morning................

Bond International Software PLC
13 April 2005


For immediate release


BOND INTERNATIONAL SOFTWARE PLC

DIRECTOR SHAREHOLDING

In order to satisfy demand from a number of institutional investors, Steve
Russell, Group Chief Executive of Bond International Software plc ('Bond' or
'the Company'), sold 1 million ordinary shares in the Company at 95p on 12 April
2005. He now owns 6,497,301 ordinary shares representing 25.8% of the Company.

Chairman Martin Baldwin said: 'It is very encouraging to see demand from
investors so strong. This is a positive step for Bond and will improve overall
liquidity of our shares. We continue to look forward to the growth of the
Company with confidence.'.


Contact:

Bruce Morrison 01903 707070
Finance Director
Bond International Software plc

This ones flying now and why not the institutions know from recent figures that the recruitment sector is booming, and that should mean plenty of business for Bonds new software. NICE.

cheers GF.

Really flying now nearlly a 10% increase.

cheers Gf.

Bond International Software Joins Forces with eEmpACT to Form Worlds Largest Staffing-Software Company
Strategic Move Accelerates Industry Consolidation

Richmond, Virginia (Thursday, February 24, 2005) Bond International Software today surprised the staffing and recruiting software industry with the announcement that it has joined forces with eEmpACT Software of Bloomington, Minnesota.

Already the largest international staffing-software company, Bond has acquired eEmpACT, effective today. The acquisition drastically increases the combined firms customer base, making it by far the largest staffing, recruiting and human capital management software vendor in the world.

With eEmpACT the U.S. leader in staffing software and Bond dominating the rest of the world market, together weve created a global powerhouse that no one will be able to compete with, says Bond CEO Steve Russell. eEmpACTs Version 12.0 and Bonds Version 11.0 solutions will continue to be supported, enhanced and upgraded, so that present customers can continue using their existing solutions.

A publicly held company quoted on the London Stock Exchange and founded in 1973, Bond already supports more than 40,000 staffing professionals in 42 countries worldwide. Its flagship product, Adapt, is the leading high-end staffing-software solution, just as eEmpACT Essential and eEmpACT Plus are the leaders for entry level and midrange clients.

eEmpact also provides fully integrated front to back office solutions which perfectly complement Bonds top of the line products. This means that the combined group now has a portfolio of product which suits all types of staffing company says Tim Giehll, who will remain as eEmpact CEO.

It means that our vision of global industry leadership and vendor consolidation will now be accelerated through the combined financial strengths of these two companies. This will be good for all parties involved and for the staffing industry as a whole.

eEmpACT and Bond have been the most acquisitive companies in the staffing software industry with eEmpACT acquiring Allegro Software in 2003 and DataForce in 2004, and Bond acquiring EZaccess in 2004.

The staffing industry is becoming truly global, and this keeps us a step ahead of that industry evolution, says Russell. It reinforces our commitment to a continual long-term growth strategy and accelerates what we are certain will be a growing consolidation of staffing-software companies over the next few years.

But while were growing, were still enhancing our product lines and global service offerings, which are stronger than ever before.

About Bond International Software Group
Bond International Software Group is a pioneer in the development and provision of staffing software, support and consultancy services to the staffing and recruiting industries. Bond has over 120 employees worldwide in its offices in the UK, Australia, South Africa and in the US and Canada. Since its foundation nearly 30 years ago, Bond has consistently combined innovation, dedication and market focus to forge ahead of its competitors. Its products and services have achieved prestigious acclaim and are now the market choice of many of the largest and most well respected personnel organizations throughout the world. The Group's consistent, visionary perspective has enabled its network of global users to interpret and manage dynamic, complex markets and realize tangible competitive advantage in the race for human capital.

About eEmpACT
eEmpACT (www.eempact.com) has enjoyed a strong 14-year history of growth and market leadership in the U.S. staffing industry. The company has over 30 employees in its offices in Minneapolis and Atlanta. Customers currently include eight national accounts and over 1,000 mid-size companies and franchises throughout the United States. eEmpACT delivers the most innovative and fully integrated front- and back-office human-capital management solution on the market today. It is designed to help temporary staffing services, direct-hire recruiting companies, consulting firms and corporate human-resource departments improve productivity and deliver a higher level of service to their customers and employees. Integrated with Microsoft technology, eEmpACT provides a comprehensive order-placement and resume search system along with powerful accounting and business management technology and can be used in a variety of networking environments, including Citrix thin-client, Terminal Server, and Windows 200X.

cheers GF.

I like the sound of that write up ,
should of bought today before the hike up in the price...JB..

And we have more...............



April 12, 2005 08:30 AM US Eastern Timezone

Bond International Announces Banner First Quarter; Staffing Software Leader Acquires eEmpACT, Adds Customers, Creates CWM Division

RICHMOND, Va.--(BUSINESS WIRE)--April 12, 2005--The year 2005 has started on a decidedly positive note for Bond International Software.


The U.K.-based company's February acquisition of eEmpACT has made it the global leader in staffing and recruiting software. Q1 2005 has brought in over 50 new U.S. customers, exceeding expectations. And Bond announced this week that it has created a Corporate Workforce Management (CWM) division that will focus on a groundbreaking new human capital management solution - headed by the just-hired chief architect of one of the leading Applicant Tracking System (ATS) providers.

"The growth spurt in the staffing industry today is a global phenomenon," observes industry analyst Dr. Katherine Jones, managing director of Aberdeen Group's Human Capital Management research practice. "To be truly competitive, shore-to-shore coverage is essential. To remain viable, staffing companies need to make the international moves that Bond has done."

Before it was acquired by Bond, eEmpACT had been the U.S. leader in staffing and recruiting software, with Bond dominating the rest of the world market with its flagship product, Adapt. Combined, the new company is the largest staffing, recruiting and human capital management software provider on the planet, and Adapt and eEmpACT are the leading software solutions in their respective niches: Adapt for larger companies, and eEmpACT for mid-sized firms.

"The staffing industry is becoming truly global, and the acquisition of eEmpACT keeps us a step ahead of that evolution," says Bond U.S. president and CEO David Read. "The steady influx of new customers is testimony to the fact that we now have a portfolio of products that suits every kind of staffing or recruiting company, from the smallest to the largest."

Bond is significantly enhancing its scope with the creation of its Corporate Workforce Management division, which is headed by Zachary Thomas, who designed and built the market's leading ATS software solution while at Kenexa.

"Because of the current labor squeeze, corporations are starting to realize that they have to compete for a rapidly shrinking pool of available talent," says Read. "Bond is in a unique position to provide corporate HR recruiters with the tools that leading staffing agencies have utilized for over 20 years, thus making them more productive and less focused on administrative tasks."

Bond's new Corporate Workforce Management solution will break new ground by taking the concept of applicant tracking to the level of human capital management - which, says Read, will increase efficiency for the entire process of acquiring and retaining human capital.

"That's the direction in which the industry is already heading - toward human capital management," says Read. "And with our Corporate Workforce Management (CWM) system, Bond will be the first to get there."

About Bond International Software Group

A publicly held company quoted on the London Stock Exchange, Bond International Software Group (www.bondadapt.com) is a pioneer in the development and provision of staffing software, support and consultancy services to the staffing and recruiting industries. It supports more than 50,000 staffing professionals in 42 countries worldwide and has over 150 employees worldwide in its offices in the U.K., Australia, South Africa, the U.S. and Canada. Since its founding in 1973, Bond has consistently combined innovation, dedication and market focus to forge ahead of its competitors. Its products and services have achieved prestigious acclaim and are now the market choice of many of the world's largest and most well-respected personnel organizations. Its consistent, visionary perspective has enabled its network of global users to interpret and manage dynamic, complex markets and realize tangible competitive advantage in the race for human capital.

cheers GF.

Just a few quick figures to show how cheap it is...........

House broker Seymour Pierce upgraded its eps forecast by c.33% to either 8.8p or 9.1p (not sure which!) eps for FY2005 after the results, and 10.1p for FY2006.

At 100p the shares now trade at a forward PE of 11 and a historic PE of 15. Other comparatives are Sage (forward PE of 210/10.8 = 19), LogicaCMG (forward PE of 178/11.4 = 16), Misys (forward PE of 223/15.22 = 15).


cheers GF.

A good day & Bond continues with its consistent good news stories

Been covered very well on The Motley Fool where it is a big favourite.

cheers GF.

DIRECTORS' DEALINGS: BOND INTERNATIONAL SOFTWARE (CEO sells 1 million shares for 950,000)

azhar, important you don't forget the reason why;

'in order to satisfy demand from a number of institutional investors'

I got that from MoneyAM paper round that's all that was said. Not De-ramping

Yesthats very positive news as it shows the institutions recognise the potential of this one going forward.

cheers Gf.

Nice contract win for Bond..........................

UK smallcap opening - Bond International boosted by Randstad software deal
AFX


LONDON (AFX) - News that Bond International won a six-figure deal to deploy its market-leading Adapt recruitment software throughout the UK branch network of Randstad lifted shares in the company over 10 pct.

By 08.00 am, shares in the specialist provider of software for the international recruitment and human resources industries added 9 pence at 94-1/2.



ck/vjt/

cheers GF.

Typical BDI - goes quiet for 3 months & then comes up with the goods again. Hopefully we will see this move up nicely again now