Losing out a contract with Chelsea Building Society meant that Intelligent Environments reported flat revenues and lower profits in 2009.
The merger of the Yorkshire and Chelsea building societies meant that Chelsea did not buy the software it intended to.
Although revenues were virtually unchanged at £5.42m, recurring revenues edged up 3% to £1.92m. Profits fell from £1.18m to £862,000. There was an additional £300,000 spent on research and development.
IE has developed a mobile banking platform that could compete with Monitise. IE’s mobile software can be integrated with the systems of banks. A pilot programme has started. This year’s R&D spending will be around £1m with three-fifths of it going on the mobile platform.
Cash in the bank edged ahead from £985,000 to £1.08m at the end of 2009.
At 9.875p a share, IE is valued at £17.3m.
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