Pre-tax profits at back office optimisation software company eg solutions fell to £146,000 in the year to the end of January - down from £451,000 last time.
The 2011 figure included acquisition costs of £96,000.
Revenues fell to £4.7m from £5.1m but gross margins improved slightly to 62.8% from 62.6%.
Research and development investment increased to £861,000 from £646,000 a year ago.
Bon-executive chairman Rodney Baker-Bates said: "The development of the back office optimisation software market is gaining momentum and eg is now reaping the rewards of the significant investment made in its software, products and services.
"Trading so far this year has been excellent - as demonstrated by the largest contract award in our company's history - and, with prospects for the remainder of the year looking positive, we are confident that eg will achieve market forecasts."
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