Ingenta turnaround plans take shape, boosting earnings

Ingenta, a media software and services provider, said 'considerable progress' on turnaround plans helped bolster performance.

The group said it expected to report annual revenue of £12m and adjusted earnings (EBITDA) of approximately £0.8m, above the £2.1m reported a year earlier.

The group generated operating cash inflows of £2.3m in the year, with net cash balances at year-end coming in at £1.3m.

The company wrote down its non-core Chinese joint venture investment and goodwill from legacy business combinations by £0.3m and £0.6m respectively, both of which were non-cash transactions. 

The company said it had made 'considerable progress' in its business combination plans, moving away from a divisional product siloed structure, resulting in cumulative cost reductions of approximately £4m on an annualised basis. 

A dividend of 1.5p a share was proposed for the year.

'The results of our recent business combination plan are now starting to produce results and I look forward to 2019 with great enthusiasm. The business is now leaner and focussed on delivering first class services to all our customers meaning we are significantly better placed to propel the business through the next stage of its growth,' said Scott Winner, Chief Executive Officer.

At 8:35am: (LON:ING) Ingenta Plc share price was +3.5p at 77.5p