PAUL ROGERSON paul.rogerson@theherald.co.uk Scottish software devel-oper Axios Systems could float as early as next year, after bringing its various global subsidiaries under one plc umbrella yesterday. That was the claim by Nicos Nicholas, company secretary and financial controller, as Axios also revealed its main overseas businesses had moved into profit.

Axios, headquartered in Edinburgh's Melville Street, estimates its value at more than £65m after building on an impressive list of blue- chip clients in the UK and abroad.

The company's principal Scottish-registered business develops and sells software for helpdesk operations and for IT service managers in large organisations. The UK com-pany posted a pre-tax profit of £2.6m for the 12 months to September 30, against £3.4m in the previous year.

Crucially, however, the unconsolidated US business, Axios Systems Inc, moved from a £418,000 loss for 2005 to a £74,000 profit. The German associate Axios Systems Gmbh, which was also separate, reported a £172,000 surplus compared with a loss of £90,375 last time.

Axios Systems SA, incorporated in France, remained in the black, posting an almost unchanged surplus of £56,729. Customers there include oil giant Total and computer group Bull.

Axios Systems Pty, in Australia, by contrast, saw losses deepen from £97,000 to £156,000.

Axios has around 200 staff in nine countries and is majority-owned by Tasos and Ailsa Symeonides. Their children, Andros, Markos and Tara all work for the business.

The company boasts a client base ranging from PC World's business customer unit through Cairn Energy and Lloyds TSB to Toyota.

Nicholas is predicting a group-wide pre-tax surplus of up to £4m in 2007, a 30% rise on 2006, following a 6% across-the-board fall in the last financial year which he stressed was influenced by heavy investment.

Axios is periodically linked to a possible flotation and Nicholas added that this is "not too far away", with 2008 a possibility.

Nicholas repeated his statement last year that there had to be a business reason for listing, "for example, to raise £20m or £30m for expansion" but the company's policy is to "take things step by step".

Cash flow has improved to the extent Axios is also seeking bolt-on-acquisitions.

Nicholas joined Tasos and Ailsa Symeonides on the board in 2006. He said the company would also consider making external boardroom appointments to beef up its expertise.