LONDON (Alliance News) - Software and services company IMImobile said Thursday that it is confident in achieving market expectations for its full year, as it reported a swing to a pretax profit for its first half.
According to a broker forecast provided by Morningstar, WH Ireland expects IMImobile to report a pretax profit of GBP8.4 million for its full year.
For the half year to end-September the company reported a pretax profit of GBP1.3 million, swung from a pretax loss of GBP3.0 million a year before, as revenue rose to GBP27.8 million from GBP21.5 million, partly due to costs related to its initial public offering it recorded in the previous year.
The company said it had seen a continued strong performance in Europe and the Americas, and from its managed services revenues in the Middle East and Africa segment, which more than offset one-off licence revenue it recognised in that region a year before, as well as a decline in the India and South East Asia region.
IMImobile said that, despite a disappointing performance in the India and South East Asia region over the past few years, it remains positive over the medium term that there are "great opportunities in this market".
"Our investment in technology development and the expected launch of new cloud communication capabilities in the coming year, as well as additional sales and marketing infrastructure, is anticipated to help us establish a technical lead and generate additional growth," said Chief Executive Officer Jay Patel in a statement.
"The addressable markets for our products and solutions continue to develop which gives me great confidence in our significant growth prospects for the future. The board remains confident of achieving full year market expectations," Patel added.
Shares in IMImobile were up 3.9% at 161.04 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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