RS2 Software held its first annual general meeting on Tuesday at the Westin Dragonara, St Julian’s. During the AGM, shareholders were presented with an overview of the company’s performance in 2008 and a net final dividend of e0.02c2 per share, amounting to e825,000, was approved.

In his opening address, RS2 Software chairman Reinhold Schäffter outlined the business of the meeting and thanked the shareholders present for attending the company’s first AGM.

RS2 Software CEO Mario Schembri provided the meeting with the financial highlights for 2008. Mr Schembri pointed out that the company registered total revenue of e8,335,549, representing a significant increase of 33 per cent over the previous year’s e6,260,479. Gross profit for 2008 amounted to e3,638,157, yielding a 44 per cent gross profit margin. RS2 further generated a significant increase in total assets from e10,275,558 in 2007 to e19,534,404 in 2008.

Mr Schembri also presented an overview of the company’s operations in 2008. It obtained three new clients from three different regions and saw the introduction of a new source of revenue – comprehensive packages – client agreements that include a varied combination of licences, maintenance and service fees, which require a fixed monthly payment, thereby providing a known and fixed stream of revenue, Mr Schembri stated.

Mr Schembri outlined RS2’s achievements in 2008. The company marked 20 years in business, achieved Oracle Certified Partner status and two new software modules were launched. The company was rated in the top 10 companies in its field by an independent research organisation and continued to increase its human resource base. RS2 initiated a e5 million investment through the purchase of land in Mosta, which will serve as its new Malta premises. RS2 continued its expansion plans for the opening of new offices in Jordan and the Philippines.

Following the CEO’s address, the resolutions were put to the vote. The meeting approved the financial statements for the year ended 31 December 2008. The payment of a net final dividend of e0.02c2 per share, amounting to e825,000, was approved. The meeting also approved the re-appointment of KPMG as Auditors.

Since there were as many nominations for directors as there were vacancies, pursuant to the Articles of Association, no election took place and the nominees were automatically appointed directors. The following members were appointed on the Board of Directors until the second AGM: Reinhold Schäffter, Mario Schembri, Dr Robert Tufigno, Maurice Xuereb and Franco Azzopardi.