BIW on the back foot?
I was surprised to see last week that BIW Technologies released their accounts, albeit late, and that they appear to be in decline. I was also confused that they appear to have released two years worth of accounts at the same time (for both the year ended 30th September 2008 and the year ended 30th September 2009).
The headlines for the most recent accounts (year ending 30th September 2009) showed a 19% reduction in revenues compared to the same period for the previous year and an operating loss of £731K. BIW's revenue figures seem to have suffered in the face of stalled and cancelled customer projects during the last year. In the face of worsening losses the company made significant cost cuts incurring £0.6m in restructuring costs. Its order book fell by 20.3% to £9.4m from £12.8m. Staff numbers fell to 47 (down from 63 in 2008) and to keep costs low they have set up a development and support team in India. Total salaries fell 11.3%. Overall BIW Technologies reversed from an operating profit of £928K to a loss of £731K.
As reported in November by Paul Wilkinson on Extranet Evolution (previous employee and shareholder of BIW) - the parent company of BIW Technologies Ltd, BIW Plc, went into administration during the most recent financial year. In the Director's Report of their latest accounts BIW Technologies has been able to put a brave face on it and position this as a profit of £3.37M. As a part of the administration process BIW Technologies had its debt waived; and is now effectively 100% owned by Nova Vest.
This is in contrast to the recent healthy news coming from other construction SaaS vendors (Asite continues ascent (my employer), 4Projects and profitability...). This may have something to do with the fact that these companies both use purely multi-tenanted architectures!