Services revenue fell by 8.7 percent to about $72.2 million as the pandemic caused the postponement of client projects in the second and third quarter. Sales took a hit with what was termed a 33.2 percent “drop in activity” in Prodware UK. This stemmed from issues surrounding Brexit, the Pandemic and the decision to cease activities deemed non-strategic. Spain experienced growth of 10.8 percent and Germany 17.8 percent. Revenue in the French-speaking region, which includes France and certain African countiires, had a 3.6-percent increase in revenue. Prodware said it has decided to significant;y cut market and promotion on on-premise software and with forecasts of a decline in sales of on-premise products it will recognize an exceptional impairment charge for the year. It had already taken an impairment charge of roughly $5.7 million for the first half of last year. The impact of the new charge will not be seen until Prodware reports earnings, which is routinely done separately from the initial revenue report.
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PRODWARE REVS DROP 4 PERCENT Featured
France-based reseller Prodware reported a 4-percent drop in revenue to approximately $187.6 million for the year ended December 31. The company, which sells Dynamics and Sage software, said adjusted for the divestiture of the integration business of Prodware Israel in September 2020 pro forma revenue rose by .4 percent.
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