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Ideas 1H profit grows 23.8%

Ideas 1H profit grows 23.8%

IT research company Ideas International (ASX:IDE) grew its June-half profit 23.8% to $921,000 despite exchange rate pressures.

The company reported revenue for the period of nearly $4.4 million, and said it had added several new user accounts during the half-year.

The group was cashflow positive for the half year. Although net cash fell 3.2% from the same period last year, this was inclusive of a $549,000 dividend payout.

Ideas had been focused on building the sales pipeline for its Ideas Advantage service during the half year, and expects to close a number of new accounts in the next month or so, the company said in an update for shareholders.

Ideas aims to convert at least 10 IDEAS Advantage trials into paying annual subscriptions by the end of the year.

But it warned that it is unable to provide guidance for the rest of the year, because the result hinges on subscription renewals from large existing customers, which are not due until later in the year.

The letter adds that “the effects of the strengthening Australian dollar are getting harder for us to avoid.” Nevertheless, the board is “cautiously confident that the good performance from [the first half] will be continued.”

IDE shares stayed flat on Friday at $0.960.

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