Profit Up 82% on Prior Year
Sydney, Australia – August 27, 2010
Ideas International (ASX:IDE), the leading global supplier of actionable comparative intelligence on enterprise IT infrastructure, announced yesterday to the ASX an 82.7% increase in profit after tax to $744,176 for the six months ending 30 June 2010 compared with after tax earnings for the same period last year of $407,244. The half-year result is close to the top-end profit after tax of the guidance range issued in May 2010 of $600,000 to $750,000.
CEO of Ideas International, Stephen Bowhill, commented “I am delighted to say that our business has weathered the storms of the global financial crisis in 2009, and that we have delivered a strong year-on-year increase of over 80% for our profit after tax at the half-year. This increase in profits was the result of a 16.3% increase in revenues and only a 2.0% increase in expenditure for the current half year over the same period last year; this was delivered despite the average conversion rate for the US to Australian dollar being 25% stronger over the first six months of 2010 than in 2009.”
He continued, “The consolidated entity was cash flow positive for the half year, with net cash provided by operating activities of $2,869,725. This is an increase of over one million dollars or 57.8% compared to $1,819,038 from same period last half year. Our balance sheet continues to strengthen, and net assets of $3,878,807 are up 24.6% from $3,113,401 from December 2009. We are on track with our business plan as outlined at the AGM earlier this year. While renewal rates are high there remain, as ever, risks in renewing existing clients’ business. However, the overall market is stronger than in 2009 and we are showing signs of success in diversifying the business and there is strong interest in our product set from end users, partners, and vendors.”
About Ideas International (IDEAS)
IDEAS is the leading global supplier of comparative intelligence on enterprise IT infrastructure. Servicing both IT vendors and large-scale IT users, IDEAS products focus on: servers; storage; virtualization and consolidation; and software and infrastructure services. IDEAS online products are backed by expert industry analysts who can also deliver specialized advisory and consulting services.
www.ideasinternational.com
For more information please contact:
Stephen Bowhill, CEO
+61 2 9472 7701
stephenb@ideasinternational.com
Paul Sowerby, CFO
+61 2 9472 7720
pauls@ideasinternational.com