Industrial software developer ISS Group (ASX:ISS) has revealed it swung back to profit in FY10, despite what it called a “continuing subdued demand” for IT services in the resource markets.
Unaudited results indicate ISS Group's FY10 net profit grew 242% to $927 million, ISS said. In the fourth quarter, profit was $731,000, compared to a $3.2 million loss in 4Q09.
While revenue for the full year likely only grew 2% to $18.7 million, expenses were shaved by 29% and amortisation and depreciation also fell 9%.
The company registered a foreign exchange loss of $519,000 – a 53% increase on forex losses from FY09.
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