"We're already seeing some of our competitors' customers coming back to the market seeking alternative solutions," he said

"Our strong position in the marketplace makes this potentially a good source of future revenue and in the last six months we've won five major deals where customers have moved to Technology One from solutions provided by multinationals Oracle and SAP."

The company also increased spending on research and development - up 28 per cent for the half year. That figure represents 22.5 per cent of revenue, up from the normal 18 per cent of revenue.

The company has also gained traction in overseas markets, said Di Marco, with new deals in both the UK and Malaysia. "We're making significant headway in the UK where we have now beaten our main competitor on five consecutive deals. We've signed a number of new high profile contracts in the first half, including University of Hertfordshire and Scarborough Borough Council."

"These are strategically important as they will provide us with reference sites in two very important sectors - Higher Education and Local Government - both of which offer significant long term growth opportunities in the UK." "We've also entered into a strategic partnership in Malaysia that has already seen us gain a contract with a major bank there, and we're now a preferred vendor for the whole of government in Malaysia."