19/08/2008 - 12:04

ISS Group earnings up over 300%

19/08/2008 - 12:04

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Earnings in Nedlands-based software provider ISS Group Ltd has skyrocketed over 300 per cent for the 2008 financial year thanks to major contracts secured with mining and oil companies and inroads made by its Singapore office.

ISS Group earnings up over 300%

Earnings in Nedlands-based software provider ISS Group Ltd has skyrocketed over 300 per cent for the 2008 financial year thanks to major contracts secured with mining and oil companies and inroads made by its Singapore office.

Over the 12 months to the end of June 2008, ISS reported a 301 per cent jump in net profit to $3.7 million.

Revenue increased by 89 per cent to $19 million, up from the previous year's $10 million as the company shifts away from smaller contracts to larger corporate agreements with a higher licence component.

Over the past year the company secured agreements with Petronas, BG, BHP Billiton and Mars Snack Foods, and also signed an international marketing agreement with oil and gas giant Schlumberger.

Additionally the company has invested heavily in spreading its wings overseas, with operations including Singapore, Europe and North America.

"While the last two entities are starting to develop market traction, our Singapore office has made significant inroads into the Asian and Middle East markets and as a result was a major contributor to this year's excellent result," ISS said.

Looking ahead, the company plans to focus on developing its operations in the North American and European markets which it expects to move into positive figures in fiscal 2009.

At the end of the financial year, ISS had cash reserves of $7.8 million, up from $3.3 million.

The company has declared a fully franked final dividend of 1.75 cents for the year.

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