Buoyant Gladstone rallies shareholders

10:32am Friday 14th November 2008

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A software firm at the centre of a hostile takeover bid has posted a healthy boost in its fortunes.

Gladstone, based in Wallingford, revealed that its earnings before tax had risen by 15.5 per cent to £1.91m for the year ended August 31.

And bosses have repeated thair determination to reject the takeover bid on the table from Canadian rival Constellation Software.

Charirman and chief executive Dr Said Ziai said: “These results demonstrate the strength of our core business during a challenging year.

“The board believes the offer ignores Gladstone’s substantial investment in the development of new products and takes advantage of the world’s stock markets being at an historic low.”

“We believe an independent Gladstone free from opportunistic and predatory acquisition by Constellation will deliver significant long-term value to shareholders.”

Shareholders have been sent a defence document asking them not to consider the offer of 25p a share.

The company, employs about 85 people in Wallingford, has seen its workforce increase by 15 per cent cross the group in the last year.

It supplies membership systems to leisure centres across the UK, including the Vale of White Horse and South Oxfordshire. It has been expanding into education, providing schoolchildren with smart cards and fingerprint systems.