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Intelligent Environments
- BY: Andrew Hore |
- POSTED: 17/04/2008 |
Intelligent Environments reported better than expected profits for 2007.
House broker Dawnay Day forecast that the online financial applications software provider’s profits would be £720,000 but they ended up at £892,000, against £406,000 in 2006. Revenues increased 43% to £6.24m, which was in line with expectations. Recurring revenues were 24% of the total.
However, IE capitalised £345,000 of development costs. Net cash improved from £866,000 to £972,000. IE recognised a tax asset of £120,000 in 2007 and it has further tax losses of more than £8m.
The shares, which have been sliding since the beginning of the year, rose 0.625p to 7.75p, valuing the company at £12.7m. That puts the shares on around 15 times last year’s earnings - based on a nil tax charge.
Dawnay Day was forecasting 2008 profits of £1.38m. Given the uncertain financial markets it might be tough achieving that figure but IE has made a good start to this year and has won a number of contracts which will contribute to revenues in 2008. Management has stated that it expects earnings to grow.
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