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IMImobile, a cloud communications software and solutions provider, reported a slump in profits as revenues were offset by a rise in one-off costs following the acquisitions of Impact Mobile and ExpressPigeon
For the year ended 31 March 2019, pre-tax profits fell 73% to £0.7m and revenue rose 28% to £142.7m.
The uptick in revenues was supported by strong organic growth from Europe & Americas, APAC and enterprise business in South Africa, with the number of clients providing more than £500k a year in revenue increasing to 40, from 33 last year and clients with revenues between £100k p.a. and £500k p.a. increasing to 83 from 43.
During the year, the company acquired £7.5m of intangible assets following the acquisition of Impact Mobile and ExpressPigeon, while expenditure on software and trademarks and licenses was £0.2m, down from £0.4m last year.
'The 2020 financial year has started well with trading in line with expectations. We continue to have good earnings visibility due to our established client relationships, healthy pipeline of new deployments and high proportion of recurring customer revenues,' the company said.
At 9:04am: (LON:IMO) Imimobile Plc share price was +2p at 324p