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Annual Results

IS Solutions revenues rise

30 March 2015 09:23

IS Solutions reports a strong return to profit in the second six months and achieved full year results in line with market expectations.

Revenue in the year to the end of December increased by 5.97% to £10.352 million (2013: £9.769 million) producing a growth in operating profit of 4.59% to £1.00 million compared to £959,000 in 2013. The post-tax profit increased by 1.26% to £802,000 against last year (2013: £793,000). Fully diluted earnings per share was 3.12 pence (2013: 3.08 pence). Cash and cash equivalents at 31 December 2014 stood at £318,000 (2013: £539,000).

Chairman Barrie Clark, said: "As mentioned in our half-year financial report issued in September 2014, early in the HY2014 period, we suffered from a cancelled contract along with a delay to another major contract. Despite this the board decided to continue with its strategy including retaining highly skilled technical staff which had a consequential impact on the bottom line, but avoided costly re-hiring at a later date. This approach was validated, as when the delayed contract came back on stream in Q4, we were able to react quickly to the requirements and achieve a creditable result."

Clark added: "The second six months of this accounting period has seen the business back on track and, as we enter in effect our 'Q5' period, we do so with strong underlying demand from our Analytics sector which together with recent contract wins puts us in a good position for the 2015 financial year.

"With its strong IP, the addition of Celebrus Technologies to our portfolio strengthens our offering in the Analytics arena whilst giving us 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 two businesses has gone well, and almost complete putting us in an encouraging position as we enter our new financial year this week.

"Looking at the 15-month period overall, the Board is confident that the Company will achieve current market expectations (excluding one off acquisition costs) and it looks forward to updating stakeholders further throughout the year as the enlarged business transitions from a Service-led business into a more balanced Product-led business."

At 9:23am: (LON:ISL) IS Solutions PLC share price was +2p at 57p

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