Thursday, 21 February 2012 – Sydney – International automotive software developer, Infomedia Ltd (ASX:IFM) today released its half year financial results for FY2012.
In constant currency terms, revenue increased $1.6m, $1.1m being derived from continuing business where growth was led by strong growth in Superservice subscriptions. The Different Aspect Software Ltd (DAS) acquisition (on 2 September 2011) accounted for the remaining $500,000 increase.
Despite the Company’s foreign currency hedging program, the continuing strength of the Australian dollar and the resulting lower repatriation of foreign currency has adversely affected reporting metrics and clouds the underlying growth of a number of product lines in their natural currency.
- Reported sales revenue for the six months was $22,452,000 which represents 0.5% increase over the previous corresponding period.
- Operating cash flows decreased by $1.4m to $3.3m for the six months.
- Reported net profit after tax (NPAT) for the six months was $3,903,000 which represents a reduction of $876,000 from the previous corresponding period, again primarily due to adverse foreign currency rates.
An interim half year fully franked dividend of 1.03 cents per share has been declared. The record date to determine entitlements to the dividend distribution is 6 March 2012 and the date on which the dividend distribution is payable will be 20 March 2012. The declared interim dividend represents 80% of net profit after tax for the half year period.
Infomedia’s Executive Chairman Richard Graham said “the Superservice product line continued to impress with net growth of 18% over the previous corresponding period after foreign exchange impacts”.
“The second half of the year will see the Company release a number of new products and product updates which have been in development for 18 to 36 months. This includes Superservice for Chrysler, General Motors and Toyota in the USA, Digital Service Passport for Hyundai in Europe, and Microcat LIVE for Toyota in Great Britain. Management expect these new releases to make a notable contribution in the 2013 financial year”.
Based on current foreign exchange rates, the Company reaffirms its latest guidance and anticipates its full year sales revenue for FY2012 to be between $43m and $45m (FY11: $44m) and net profit after tax to be between $7.5m and $8.5m (FY11: $10m).
