Sorry for the quiet — I’ve been traveling a lot over the last few weeks, and you’ll hear about some of that in coming posts. But in the meantime, let’s catch up on recent financial news. First up, Delcam reported more extensively on its performance in 2011.

Delcam, the UK-based developer of CAM software, announced record annual revenue of £42 million, up 14%, with profit attributable to equity holders of £3 million. Software revenue was £21 million, up 13%; maintenance revenue was £13 million, up 12%; services revenue was £5 million, up 15%. Revenue from other sources was nearly £3 million in 2011.

By region, Delcam says that its strongest overall sales continue to come from the USA and Germany, but that Asia leads growth: “The fastest increase in sales of new software licenses came from Asia, especially India, Indonesia, Korea and our direct sales in China. However, there were many global examples of significant growth, with 28 of our resellers achieving increases in their sales of more than 20%.” In looking at the supplemental information in the annual report, it becomes clear that Delcam is using its established businesses to fund expansion into new territories. Revenue from Europe was £22 million, up 13%; from the Americas, £11 million, up 16%; from Asia, £10 million, up 14%. Profitability was wildly skewed towards Europe, which brought in £2.6 million of the company’s total £3 million for the year. The Americas and Asia were at least at break-even, a switch from fiscal 2010, when the Americas lost money.

Peter Miles, Delcam’s chairman, said that the 2011 results “are above market expectations. Despite our ongoing concerns over the financial background in Europe and the potential impact on our business of any further loss in confidence, the current indications are that 2012 should see continued investments in capital equipment and associated software in our key automotive and aerospace markets. At this early stage in 2012, we are continuing to see increases in our sales. With this encouraging start to the year, we anticipate that our trading results for the coming year should show further improvement over those for the last twelve months.”

[Note: All of the above comparisons are to restated results for 2010. Delcam recently identified contracts where costs and revenue were not appropriately matched, leading to inconsistent deferrals of revenue. This caused the company to increase revenue and operating profit for 2010 by £154,000 and decrease deferred revenue for 2010 by £1,100,000. Nothing to be alarmed about.]