XPLAN posts its first profit
Exceptional revenue growth and stabilising costs delivered a maiden profit for XPLAN Technology in the half year to June 30.
The financial planning software manufacturer posted revenue of between $4.5 million and $5 million on its pay to a pre-tax profit of $1.25 million.
This represented revenue growth of 57 per cent over the previous half year for the IRESS Market Technology subsidiary, up from $1.310 million to $2.063 million.
IRESS managing director Peter Dunai said it was "particularly pleasing that costs have stabilised and hence a good proportion of XPLAN's revenue has flown to profit".
Dunai predicted that "further revenue growth in the coming months is likely to produce an even better full-year profit result for XPLAN”.
He said the result gave XPLAN marketshare comfortably approaching 20 per cent, making it the clear number two provider based on actual installed and operating clients behind IWL owned VisiPlan.
"Sales in the pipeline suggest our goal of achieving a minimum market share of 25 per cent is well within reach in the short term."
XPLAN's performance helped IRESS to a half-year net profit of $8.8 million, compared to $4.4 million in previous half.
The group declared a fully-franked interim dividend of 6.5 per cent per share, payable on September 30.
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