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Integrated Research (ASX:IRI): Revenue, profit to be at lower end of previous guidance

  • January 15, 2021 09:03 AM AEDT
  • Kunal Sawhney
    CEO Kunal Sawhney
    2212 Posts

    Kunal Sawhney is founder & CEO at Kalkine and is a richly experienced and accomplished financial professional with a wealth of knowledge in the Australian Equities Market. Kunal obtained a Master of Business Administration degree from University of T...

Integrated Research (ASX:IRI): Revenue, profit to be at lower end of previous guidance

Summary

  • Integrated Research Ltd (ASX:IRI) said that the revenue for the first half-year ending 31 December 2020 would be between A$34 million and A$37 million.
  • The profit after tax (PAT) would be in the range of breakeven to A$2 million, compared to A$11.8 million in the corresponding period a year ago.
  • Integrated Research anticipated both revenue and PAT to be at the lower end of the guidance previously provided.
Gold MTF non-AMP

Integrated Research Ltd (ASX:IRI) on Friday said that the revenue for the first half-year ending 31 December 2020 would be between A$34 million and A$37 million, against A$53.2 million in the corresponding period of last year. The profit after tax (PAT) would be in the range of breakeven to A$2 million, compared to A$11.8 million in the corresponding period a year ago.

Image Source: Shutterstock

The provider of performance management solutions for payment transactions and collaborative systems also anticipated both revenue and PAT to be at the lower end of the guidance previously provided. The AUD/USD exchange rate boosted by another cent on the last day of the year resulted in further unrealised exchange losses, the company said in its update.

The cash balance of the technology company stood at A$1.7 million, against A$4.7 million. During the given period, the cash receipts exceeded A$40 million despite the shortfall in revenue, cash receipts from customers. The company also said that there were no material doubtful debt exposures during the period under review.

Image Source: Shutterstock

READ MORE: Felix (ASX:FLX) becomes first technology IPO of 2021 to get listed on the ASX

Expansion of product line

The company released new cloud solutions for Microsoft Teams and Zoom during the period as a part of expanding the Collaborate product line. In late December, the company entered into an agreement worth US$1.4 million for Payment Analytics which is a part of the Transact product line as a part of its cloud portfolio. The revenue from the deal would be recognised on a subscription basis in future. The company would provide more information on the cloud-based solutions at the formal half-year results announcement scheduled for 18 February 2021.

Stock performance 

Shares of Integrated Research Ltd (ASX:IRI) closed at 2.48, down 0.070, or 2.75 per cent on Thursday, 14 January 2021, against the previous closing on Wednesday, 13 January 2021. The stock is already down 7.1 per cent in January 2021.

READ MORE: Technology overshadows S&P/ASX rebalance; Afterpay, Xero hit lifetime highs

 

 


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