LONDON (Alliance News) - IS Solutions PLC Monday expressed confidence in meeting market expectations excluding one off-acquisition costs for the fifteen months to end-March, as it posted a broadly flat pretax profit for 2014.
The company is moving its year-end from the calendar year to end-March following its acquisition of Celebrus Technologies Ltd's parent company Speed-Trap Holdings last December. As a result, it will post results for a full fifteen month period to end-March on July 31.
IS Solutions posted a pretax profit of GBP978,000 for 2014, broadly in line with the GBP966,000 it posted in 2013, as a rise in revenue to GBP10.4 million from GBP9.8 million was party offset by higher cost of sales.
The company said that Celebrus will strengthen its portfolio in the analytics area, whilst giving it the opportunity to develop a "much more balanced business with stronger higher margin license sales giving rise to greater project and recurring revenue."
The integration of the businesses has gone well, which IS Solutions said puts it in an encouraging position as it enters its new financial year.
IS Solutions has opted not to pay an interim dividend as a result of this change, saying it intends to review its overall dividend policy after the full integration of Celebrus is completed, in order to reflect the prospects of the enlarged business going forward.
It said it is confident of resuming its dividend policy, and if appropriate will return to paying a dividend based on its performance in the fifteen month period.
Shares in IS Solutions are trading up 5.5% at 58.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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