Integrated Research released strong 1H FY2019 results – NPAT increased by 26% 

Integrated Research Limited (ASX: IRI), a company from the information technology sector which caters to computer systems management products, announced its half-yearly results for the period ended 31 December 2018.

During the period, the company reported an increase in the profit after tax by 26% to $11.7 million as compared to the previous corresponding period. The results obtained during the period was at the upper end of the guidance as announced on 10 January 2019. There was an overall increase in license sales by 22% to $31.3 million. The excellent growth during the 1H FY2019 was driven by the payments product line and a return to growth in Europe. The maximum revenue generated by the company was derived from outside Australia. The data in the announcement stated that 95% of the revenue generated by the company was from outside Australia. From the first half of FY2010 to the first half of FY2019, the data highlighted that there was a gradual increase in the revenue of the company. 

For Unified Communications, the full year outlook of the company remained positive. However, there was a decrease in the revenue through Unified Communications by 3% to $27 million as compared to the prior corresponding period. In spite of this, there was an increase in sales from the Cisco platform.

The revenue from the company’s products like UC Assessor and Skype for Business Online Troubleshooting as well as Software as a Service (“SaaS”) was relatively small in 1H FY2019. However, the company was able to sell more than one million dollars in subscription booking that will be released in future periods as the service is delivered.

There was an increase in the payment revenue by 144% to $9 million over the previous corresponding period driven by deal renewal, capacity improvement and new product initiatives. The European revenue also increased by 14% as compared to pcp.

By the half year ending 31 December 2018, the revenue from maintenance fees decreased by 5%, revenue from SaaS fees increased by 2500%, revenue from testing solution services decreased by 7%, revenue from consulting decreased by 13%. Overall, the total revenue increased by 10%.

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The Research & development expenses increased by 17% to $8.615 million, Sales, consulting & marketing expenses by 10% to $24.274 million and General and administrative expenses increased by 18% to $3.348 million. Overall, the total expenses increased by 12%. The company made a net profit after tax $11.717 million which was up by 26% as compared to pcp. The company also declared a dividend of 3.5 cents per share. The company has maintained a strong financial position, and it remained debt-free during the period.

By the end of the 1H FY2019 which ended on 31 December 2018, IRI had net cash, and cash equivalent was $9.6 million.

By the closure of the trading session on 14 February 2019, the closing price of the stock was A$2.620 which was 0.758% below its previous trading day’s closing price. The stock has a market capitalization of A$453.61 million and a PE ratio of 23.59x. The stock has offered impressive YTD return at 50.86%.


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