(Alliance News) - IMImobile PLC on Tuesday said its annual profit more than quadrupled as a result of increased cloud communications revenue in all sectors and regions and a much higher share-based payment charge the previous year.
Shares in IMImobile were up 8.6% at 336.64 pence in London on Tuesday afternoon.
The London-headquartered cloud communications software and solutions company reported a GBP3.1 million profit for its financial year ended March 31, more than four times the previous year's profit of GBP710,000.
Revenue rose 20% to GBP171.2 million from GBP142.7 million, which helped boost profit. The company recorded "double-digit revenue growth across all sectors and regions for cloud communication platform, products and services as a result of both organic progress and strategic acquisitions."
On top of this, share-based payment charges shrank considerably to GBP2.2 million from GBP8.9 million.
Looking ahead, the company is confident it will achieve "good year-on-year gross profit growth", though this is subject to harm from any second wave of the Covid-19 wave, including additional organic cloud communications products business growth in its financial 2021 year.
Chief Executive Jay Patel said: "The arrival of the pandemic in the final months of the year saw us take decisive action. Through prudent cost management and our teams' ability to identify opportunities for future revenue generation amongst the rapidly changing environment, we have managed to limit the short-term impact on our business whilst positioning ourselves for continued strong growth in the medium and longer term.
"Many exciting and substantial opportunities are available to us, not least the potential for expansion in North America where our sales pipeline continues to expand. As one of the established leaders in our industry, with a high proportion of recurring revenues, we are confident of gathering further momentum."
By Anna Farley; annafarley@alliancenews.com
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