News Column

Ideagen Swings To Annual Profit As Revenue Jumps 38%

July 22, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Software company Ideagen PLC proposed Tuesday its maiden final dividend for the full year to end-April, as it swung to a profit on higher revenue and impairment charges did not recur.

The company proposed a final dividend of 0.10 pence, which combined with its maiden interim dividend of 0.05p, leads to a total dividend of 0.15p.

Ideagen posted a pretax profit of GBP1.1 million, swung from a loss of GBP1.3 million, as revenue rose 38% to GBP9.0 million from GBP6.5 million. In the previous year, Ideagen posted a GBP2.1 million impairment charge relating to acquisitions.

Revenue growth was driven by the healthcare sector, as well as the company's acquisition of MSS Management System Services Ltd and Pentana Ltd in July and November of last year, respectively.

Ideagen said it has recruited an additional sales resources to ensure that it can continue to grow in the commercial governance risk and compliance sector.

After the year end, Ideagen completed its acquisition of EIBS Ltd, which it said will underpin its web product roadmap and will add a valuable customer base.

The company said its current trading remains in line with market expectations as the NHS remains a strong driver, and it is encouraged by its new business pipeline in the commercial sector as industry regulations drive demand for its software.

Ideagen expressed confidence that it would continue to deliver profitable growth in the coming year and beyond.

Shares in Ideagen were trading down 3.6% at 34.00 pence Tuesday morning.

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Source: Alliance News

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