Ideagen – 23p

22 January 2013 – interim results

Software group Ideagen has issued a strong set of interim results for the six months to 31 October.  Revenue for the period increased by 51% to £2.58m with adjusted pre-tax profits coming out 44% ahead at £0.69m.  Earnings per share on the same basis were over 15% ahead at 0.67p.  No dividend was paid.  Following the placing and acquisition last month, the group had net cash of £5.3m at 11 January.  There were very good results and with increasing recurring revenues, new contract wins and the acquisition of plumtree the outlook for the rest of the financial year is very sound.  The shares remain a BUY.

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