CAMBRIDGE, Mass., July 1 /PRNewswire/ -- Cambridge Technology Enterprises (CTE), a global IT services provider a leading provider of SOA based solutions and Enterprise Transformation applications to mid size enterprises and mid size business units of Global 2000 enterprises, today announced its audited results for the fiscal year 2007-2008, 12 months period ending 31st March, 2008.
CAMBRIDGE, Mass., July 1 /PRNewswire/ — Cambridge Technology Enterprises (CTE), a global IT services provider a leading provider of SOA based solutions and Enterprise Transformation applications to mid size enterprises and mid size business units of Global 2000 enterprises, today announced its audited results for the fiscal year 2007-2008, 12 months period ending 31st March, 2008.
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CTE revenues surged from USD 5.85 Million in FY 2007, to USD 22.58 Million revenue in a span of one year. The Q4 FY 08 revenue was USD 11.16 Million which has taken the company to an annualized run-rate of over USD 44.53 Million, enabling it to break the small cap barrier to enter the mid-cap segment successfully. The revenue growth recorded is 286% and profit growth is 206% over previous fiscal.
Consolidated Results for the year ended 31st March, 2008.
— Total Revenue on consolidated basis for CTE was USD 22.58 Million compared to USD 5.85 Million of revenue for the 12 month period ended 31st March, 2007 which translates to over 286% growth year on year on annualized basis.
— Profit after Tax was USD 3.86 Million, compared to USD 1.26 Million of profit after tax for the 12 month period ended 31st March, 2007 which translates to 206% growth year on year on annualized basis.
Consolidated Results for the Quarter ended 31st March, 2008.
— The consolidated revenues for the Q4 (January-March 2008) were USD 11.16 Million. Compared to revenues of corresponding figures last year of USD 1.47 Million, which translates to over 657% growth Year on Year on annualized basis.
— Profit after Tax was USD 2.05 Million for the Q4 quarter, compared to USD 0.24 Million of profit after tax for the corresponding quarter in the previous year (Q4 FY 2007) which translates to over 754% growth year on year.
— Company completed 4 M & A's in the financial year, namely, ComCreation, Reilly & Associates, Inc., Q-Soft Systems & Solutions and CellExchange, Inc., one in each quarter.
Mr. Bhaskar Panigrahi, CEO, Cambridge Technology Enterprises (CTE) said, "Last year was a land mark year for us wherein we grew by 286% engineered by our well-executed four-pronged strategy. This financial year, we would continue to focus on identifying and integrating high value and growth potential companies to enhance our customer base and consolidate our position in mid-sized customer segment. This year we hope to enhance our global delivery center base to China and Europe to offer multi-shore 24×7 service to our customers and also enter European market. The existing operations are being streamlined and refined to realize the best synergies."
About Cambridge Technology Enterprises (CTE)
Cambridge Technology Enterprises (CTE) is a global services provider dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries. Recognized as a thought leader and innovator of comprehensive Service Oriented Architecture (SOA)-based enterprise transformation and integration solutions and services, CTE provides solutions for all business challenges. CTE offers the same level of expertise to IT as it does to product development, business process outsourcing, and innovation consulting. CTE leverages its dedicated pool of talented professionals and its deep partner network and acts as a general contractor to help midsize enterprises meet today's increased challenges and makes them future ready. CTE is a one-stop-shop for all global service needs. With offices throughout the US and the world, Cambridge Technology Enterprises focuses on local collaboration and global execution.
For more information, please visit http://www.ctepl.com, or e-mail us at firstname.lastname@example.org.
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SOURCE Cambridge Technology Enterprises Limited