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ISS Group boosts profit 234% on reduced expenditure

ISS Group boosts profit 234% on reduced expenditure

Software developer ISS Group’s (ASX:ISS) post-tax profit soared 234% to $3.9 million in 1H10, despite a mere 0.4% increase in revenue.

The company said it had embarked on a significant cost control program over the prior six months, and had slashed R&D spending 37% to $1 million.

ISS,which provides software solutions for the global energy, minerals and manufacturing industries, said it recorded strong sales in Asia, but had also performed ahead of expectations in Australia.

The company declined to pay a dividend, but said it would consider resuming dividend payments at the end of FY10 if it continues its strong performance.

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