Integrated Research (ASX:IRI) FY10 profit down 31%

Integrated Research (ASX:IRI) FY10 profit down 31%

IT system and application management provider Integrated Research (ASX:IRI) said its net profit fell 31% in FY10 to $5.4 million, due to lower than expected sales.

The company said its revenue fell 20% to $17.3 million, largely as a result of lower than anticipated HP NonStop sales. But the product line showed signs of improvement in the second half.

R&D and sales and marketing expenses both increased by 1%, but total expenses were down because of a one-off spike in expenses in the prior financial year.

“Although the net [result] is lower than the prior year, the underlying fundamentals and strategy of Integrated Research remain sound,” company chairman Steve Killelea said.

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Tags financial resultsIntegrated ResearchASX:IRISteve Killelea

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