50% more clients join in Q1
Concur has reported a 72% rise in profits over the first quarter of 2008, boosted by a 50% increase in client additions year-on-year.
The expense management system provider said strong client demand had driven revenue growth beyond expectations despite a "worsening economic climate."
Total revenue for Q1 was up 19% to $58.6m (€45.8m) compared to the same period in 2007, driven by a 22% increase in subscription revenue.
Concur, based in the US but with extensive operations throughout Europe, reported net income of $5.8m (€4.5m), or $0.11 (€0.09) per share, exceeding previous forecasts.
"Driven by the challenging economic environment and eroding macro trends, we continue to see downward pressure on our near-term growth rates," said Steve Singh, Concur's chairman and ceo
"However, our long-term growth rate, which is driven by new customer growth, continues unabated.
"Heading into the second quarter of fiscal 2009, we see a strong demand environment for our services and we expect to see the first customer additions as a result of our partnership with American Express."
www.concur.com