Mr Lenagan: Telework has two divisions: one is the labour management division, Workplace; and the other one is computer telephony, Teleware. Both of them operate in high-value standard application software. So we're talking about price levels of minimum GBP30,000 per licence, average around quarter of a million, and some of the big ones are in the GBP1-2 million level. So high-value standard software, each division operating very similarly but with a different application. The application of the labour management division, Workplace, is controlling people at work. The application of the computer telephony division is intelligent handling of telephone calls, unified messaging, the bringing together of e-mail, voice mail and fax together at the desktop for people. So those are the main application areas. The common theme of both of them is that we sell to the top 1,000 companies, typically where there are more than 500 employees, at the top end of the market, in what is a large and growing market sector.
TWST: Can you give me a recap of the major corporate milestones recently?
Mr Lenagan: The company itself started in 1986 and we're in fact into our 15th year, but obviously the most significant milestone is the fact that we floated in August 2000 on the London Stock Exchange. We're a member of the techMARK Index, and we're just in the FTSE 250, which is rather higher than we expected to be at this stage. The flotation went particularly well when computer companies generally have not been having the easiest of times, because our results have been extremely good.
We've had 14 years of consistently growing revenues and consistently growing profits and the same management running it, so we are very different from a number of the other new technology companies that have come to the market in the last 12 months. The main milestone was the flotation. We were six times oversubscribed at the top price. Our half-year figures, which came out in November after the flotation, were exactly on target, and we're still on the target that we expect for the current financial year. We doubled our profit last year and we're anticipating doing that again this year.
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