IWL shrugs off poor conditions
Despite recent, sizeable purchases and a general downturn in the market IWL (previouslyInvestorWeb) has reported a further quarter of positive operating cash flow, shrugging off calls of gloom.
According to a report given to theAustralian Stock Exchange(ASX) by IWL, the September 2001 quarterly net operating cash flow was $54,000 and overall cash reserves increased by $8,580,000 and now sit at $19.427 million.
The main driver for the increase in both figures was the placement of 37,137,395 shares in IWL to theING Groupin July.
That move was just one of many IWL has undertaken this year with its most recent being the purchase of financial planning software solutions provider, Accompli Technologies Limited.
In the report, IWL chief financial officer Luke Littlefield says IWL was pleased with the positve cash flow results as they also reflected an increase in receipts from customers of 23 per cent or $492,000 compared to the same quarter last year.
“This increase was achieved primarily through growth in sales of financial advisory software and related services where receipts from customers were up $1,066,000 or 131 per cent on the previous corresponding period,” Littlefield says.
The strong increase in customer receipts also came after IWL split from its fund’s management business Investors Mutual in June of this year, which generated $550,000 alone in customer receipts during this same period last year.
According to the report IWL should also record similar positive figures in future periods as the result of recent software contract signings with Zurich, ING, Garrisons and AMP-Hillross and the first quarter of results including the recently purchased Accompli business.
AUTHOR
Jason Spits
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