CDL grows revenue but profit drops for second year in a row

A pile of coins with two magnifying glasses

CDL grew revenue by 6.9% to £59.54m in the year ended 30 September 2023, however profit after tax dropped for the second consecutive year to £10.01m.

The profit fall in 2022 had been driven by the cost of R&D. The extra spend more than outweighing the decline.

However, the latest profit slip, of 6%, was this time bigger than the R&D increase. It came as R&D outlay was boosted again to £11.44m.

Invest

The technology specialists noted the latest R&D investment had included a focus on artificial intelligence, as CDL develops tooling and processes to transition to an AI-first approach.

The software house also continued to invest in advanced cloud

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