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| Purple Secure Systems had a second excellent year (April 07 - March 08), finishing ahead of its long term plan on all counts. We have consolidated our position as a supplier of high quality systems and software engineering support to the major government and defence prime contractors, and gone on to establish enduring relationships with four of them. We have expanded in a measured way, generating an increased cash flow, building up very healthy reserves, whilst keeping the balance sheet free of debt. It has been an exciting year. We continue to attract high grade staff and the company now has 14 employees and 9 associates, effectively doubling in size. However, we consistently have more opportunities for work than we have staff and attracting the right candidates continues to be the only limit on growth at present. Our financial position is strong. Our turnover for the second year was £968K (2006/2007: £230K), creating reserves of £117K. Whilst keeping our overheads as tight as possible, it has been possible to pay the Director’s a salary for the first time and we were able to occupy more substantial offices in the Bath University Technology Incubation Centre. We continue to put the greatest emphasis on looking after our staff and retention has been very high. A milestone was reached when two employees, Adam Webb and Paul Stevenson, were presented with their certificates as shareholders of the company at our staff summer function at Celtic Manor Resort, as their options matured. This was followed by a day of ‘coasteering’ for the adventurous. We have had a number of other staff gatherings, including a riveting lecture given by a recently returned officer from Iraq, Major Zachary Stenning. We have supported Continuous Professional Development: two staff members completed a course at Cranfield on the MOD Architectural Framework and we were represented at the Coalition Warrior Interoperability Demonstration at Dstl. We have been very fortunate to engage with General Dynamics United Kingdom Ltd in a support partnership. General Dynamics recognises the challenges faced by start-up enterprises and have generously offered the advice of their professional staff to guide and mentor us as we establish ourselves. No commercial relationship exists between the two companies. Their guidance has already proved invaluable in certain areas and we are very grateful for this help. Our administration continues to consolidate in a healthy way. We always intended to build processes that would serve us well as we expanded and gaining ISO 9001 this year was an example of this. We have increased our head office staff to 4 and our accounting and HR functions are now robust and well established. The abbreviated annual report of Purple Secure Systems can be viewed here. |
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