The company, which is a leader in software for the recruitment and tourism industries, made a profit of £935,378 for the year to December 31.

Turnover for the year was up by 38 per cent at £8.8 million.

Chief executive Steve Russell said the results were better than were expected when the company was launched onto the stock market in 1997.

He said: "Bond made excellentprogress in 1998, its first full year since flotation. We are particularly pleased that significant profit growth has been achieved despite considerable investment being made in product development, sales and marketing."

Investment in the U.S. was increased in a move to strengthen the position of the company's products in what is seen as an important market. The group's company there, Bond Associates Inc, opened a new office in San Diego to support customers based on the West Coast and the Richmond, Virginia office was expanded.

Bond's offices in Sydney and Melbourne both performed well duringthe year.

Mr Russell said no dividend will be paid this year which will enable profits to be re-invested.

He added that the group has plans for more acquisitions and that a recruitment campaign for the Worthing headquarters is already underway.

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