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IS Solutions

  • BY: Andrew Hore |
  • POSTED: 29/03/2009 |

IS Solutions grew its profits before amortisation and Aim transfer costs by one-quarter in 2008.

The internet and content management services provider grew its revenues by 12% to £8.85m, while profits improved from £440,000 to £551,000. Underlying earnings per share improved 14%. The total dividend was unchanged at 1p a share.

Following the move back to Aim in June 2008, IS bought content management solutions provider Chapter26 for an initial £720,000 in cash and shares. Up to £550,000 more will be payable depending on performance in the year to June 2009. The business made profits of £112,000 on revenues of £1.93m. Chapter26 contributed five months figures to IS in 2008.

Net cash fell from £2.5m to £1.76m. The fall was due to the cost of the acquisition and £503,000 spent on purchasing the company’s own shares.

Management says that existing customers are generating more business and new clients have been added. There are also potential acquisitions for the business.

At 14.75p a share, IS is valued at £3.45m.

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