Intelligent Environments is continuing to increase its recurring revenues and has won three new contracts in the first half of 2009.
The online savings and investments applications software provider expects revenues to increase by 8% to £3.2m in the first half of 2009 but recurring revenues will be 27% higher at £1m. Recurring revenues account for 30% of revenues making IE less dependent on project based contracts.
Management says that £500,000 has been invested in the latest software, NetFinance V4. There is no indication how much of that was capitalised.
There has been a small increase in cash to £1.1m.
The shares rose 0.5p to 10.25p each, which values IE at £16.9m. FinnCap forecasts full year earnings of 1.15p a share, which values the company at nine times prospective 2009 earnings.
Chief executive Philip Blundell exercised 1.25m options at 3.75p a share and sold 890,000 of these shares at 10.4p each. Blundell made a gain of around £46,000 on the transaction and has the remaining 360,000 shares at no cost. Blundell retains a 0.64% stake.
Sales and marketing director Jerry Mulle exercised 700,000 options at 3.75p a share and sold 525,000 of these shares at 10.4p each, thereby doubling his money and retaining 175,000 at effectively no cost. Mulle has a 0.13% stake in IE.
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