LONDON (Alliance News) - IS Solutions PLC Monday said it is confident in meeting market expectations for its current year, citing strong demand in its Analytics business and recent contract wins, as it posted a slight decline in pretax profit for its recently ended year.
For the fifteen months to end-March the hardware and software company posted a pretax profit of GBP652,000, compared to GBP966,000 in the twelve months of calendar 2013, as a rise in revenue to GBP12.8 million from GBP9.8 million was offset by higher cost of sales, distribution costs and administrative expenses.
The company has moved its financial year end from the calendar year to end-March following its acquisition of Big Data products company Speed-Trap Holdings Ltd, parent company of Celebrus Technologies Ltd, as it felt this would provide "great clarity and understanding of the new business model and trading performance."
IS Solutions proposed a final dividend of 0.56 pence, down from 1.12 pence a year before, as it is increasing its investment in the business. However, it noted that a return "to a progressive dividend stream" is a priority, and said it is confident it will resume its progressive dividend policy and if appropriate return to paying a dividend based on its overall performance in its current year.
Its Analytics business was hit at the start of the year by the cancellation of a large contract, but in December it won a large contract in the financial services sector, and the division ended the year with revenue up 92%. During the nine weeks since its acquisition, Celebrus contributed GBP540,000, out of the Analytics division's total revenue of GBP5.9 million.
In the Portals segment revenue was GBP4.9 million for the period, compared to GBP3.9 million a year before, as a client requested more of the work IS Solutions does for them to be done off-shore in its Indian operation.
Shares in IS Solutions are untraded Monday. It last closed at 54.80 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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